0001379491-18-003422.txt : 20180627 0001379491-18-003422.hdr.sgml : 20180627 20180627164801 ACCESSION NUMBER: 0001379491-18-003422 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20180430 FILED AS OF DATE: 20180627 DATE AS OF CHANGE: 20180627 EFFECTIVENESS DATE: 20180627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY ADVISOR SERIES I CENTRAL INDEX KEY: 0000722574 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03785 FILM NUMBER: 18922255 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR SERIES 1 DATE OF NAME CHANGE: 19930706 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY BROAD STREET TRUST DATE OF NAME CHANGE: 19920820 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR EQUITY PORTFOLIO GROWTH DATE OF NAME CHANGE: 19920703 0000722574 S000017683 Fidelity Advisor Floating Rate High Income Fund C000048858 Class A FFRAX C000048860 Class C FFRCX C000048861 Class M FFRTX C000048862 Class I FFRIX C000048863 Fidelity Floating Rate High Income Fund FFRHX 0000722574 S000017684 Fidelity Advisor High Income Advantage Fund C000048864 Class M FAHYX C000048865 Class I FAHCX C000048866 Class A FAHDX C000048868 Class C FAHEX 0000722574 S000017685 Fidelity Advisor High Income Fund C000048869 Class A FHIAX C000048871 Class C FHNCX C000048872 Class M FHITX C000048873 Class I FHNIX 0000722574 S000017687 Fidelity Advisor Value Fund C000048879 Class A FAVFX C000048881 Class C FCVFX C000048882 Class M FTVFX C000048883 Class I FVIFX C000177521 Class Z FVLZX N-CSRS 1 filing723.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-3785


Fidelity Advisor Series I

(Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

(Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31



Date of reporting period:

April 30, 2018


Item 1.

Reports to Stockholders




Fidelity Advisor® Floating Rate High Income Fund
Class A, Class M, Class C and Class I



Semi-Annual Report

April 30, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2018

(by issuer, excluding cash equivalents) % of fund's net assets 
Caesars Resort Collection LLC 2.4 
Intelsat Jackson Holdings SA 2.0 
Albertson's LLC 1.9 
Bass Pro Shops LLC. 1.6 
Charter Communication Operating LLC 1.5 
 9.4 

Top Five Market Sectors as of April 30, 2018

 % of fund's net assets 
Technology 13.0 
Telecommunications 8.0 
Gaming 7.5 
Services 6.5 
Healthcare 6.4 

Quality Diversification (% of fund's net assets)

As of April 30, 2018 
   BBB 3.8% 
   BB 35.7% 
   44.4% 
   CCC,CC,C 3.3% 
   Not Rated 4.4% 
   Equities 0.8% 
   Short-Term Investments and Net Other Assets 7.6% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of April 30, 2018* 
   Bank Loan Obligations 86.6% 
   Nonconvertible Bonds 5.0% 
   Common Stocks 0.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 7.6% 


 * Foreign investments – 10.5%


Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Bank Loan Obligations - 86.6%   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.2%   
DAE Aviation Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.65% 7/7/22 (a)(b) $16,240 $16,359 
TransDigm, Inc.:   
Tranche F, term loan 3 month U.S. LIBOR + 2.750% 4.7887% 6/9/23 (a)(b) 29,477 29,594 
Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.7119% 8/22/24 (a)(b) 63,521 63,812 
Wesco Aircraft Hardware Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.81% 2/28/21 (a)(b) 9,655 9,318 
WP CPP Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/30/25 (a)(b)(c) 15,500 15,539 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 4/30/26 (a)(b)(c) 2,150 2,150 
TOTAL AEROSPACE  136,772 
Air Transportation - 0.3%   
Hanjin International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.8551% 10/18/20 (a)(b) 7,500 7,519 
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.6456% 10/5/24 (a)(b) 11,489 11,552 
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9198% 2/23/25 (a)(b) 10,990 11,045 
TOTAL AIR TRANSPORTATION  30,116 
Automotive & Auto Parts - 0.9%   
Caliber Holdings Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 2/1/24 (a)(b) 9,793 9,848 
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.1508% 2/1/25 (a)(b) 2,710 2,751 
Chrysler Group LLC term loan 3 month U.S. LIBOR + 2.000% 3.9% 12/31/18 (a)(b) 7,147 7,164 
Hertz Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 6/30/23 (a)(b) 21,052 21,114 
North American Lifting Holdings, Inc.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.802% 11/27/20 (a)(b) 16,284 15,429 
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.000% 11.302% 11/27/21 (a)(b) 24,370 19,821 
The Gates Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.052% 3/31/24 (a)(b) 13,202 13,272 
UOS LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.3769% 4/18/23 (a)(b) 15,016 15,392 
TOTAL AUTOMOTIVE & AUTO PARTS  104,791 
Broadcasting - 1.4%   
CBS Radio, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6225% 11/18/24 (a)(b) 44,389 44,546 
Clear Channel Communications, Inc. Tranche D, term loan 3 month U.S. LIBOR + 6.750% 9.052% 1/30/19 (a)(b)(d) 53,680 42,662 
ION Media Networks, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.66% 12/18/20 (a)(b) 19,147 19,187 
Raycom Media, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 8/23/24 (a)(b) 27,110 27,087 
Sinclair Television Group, Inc. Tranche B-1, term loan 3 month U.S. LIBOR + 2.500% 12/7/24 (a)(b)(c) 25,000 25,104 
TOTAL BROADCASTING  158,586 
Building Materials - 0.6%   
Beacon Roofing Supply, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1275% 1/2/25 (a)(b) 10,000 10,054 
Gopher Sub, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.302% 2/1/25 (a)(b) 12,221 12,205 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.052% 2/1/26 (a)(b) 3,235 3,251 
HD Supply, Inc. Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.500% 4.802% 10/17/23 (a)(b) 8,147 8,198 
Jeld-Wen, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.302% 12/14/24 (a)(b) 9,102 9,142 
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.85% 9/27/24 (a)(b) 27,290 27,426 
TOTAL BUILDING MATERIALS  70,276 
Cable/Satellite TV - 3.0%   
Altice U.S. Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 7/28/25 (a)(b) 30,196 30,148 
Cable One, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.06% 5/1/24 (a)(b) 7,910 7,950 
Charter Communication Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.91% 4/30/25 (a)(b) 167,440 168,098 
CSC Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.3969% 1/25/26 (a)(b) 33,985 33,985 
MCC Iowa LLC Tranche M, term loan 3 month U.S. LIBOR + 2.000% 3.75% 1/15/25 (a)(b) 6,368 6,386 
Telesat Canada Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.500% 4.41% 11/17/23 (a)(b) 21,860 21,935 
Virgin Media Bristol LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.3969% 1/15/26 (a)(b) 35,000 35,149 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1455% 8/19/23 (a)(b) 37,861 36,489 
TOTAL CABLE/SATELLITE TV  340,140 
Capital Goods - 0.6%   
AECOM Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 3/13/25 (a)(b) 15,225 15,263 
Apergy Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4/19/25 (a)(b)(c) 9,230 9,276 
Doosan Bobcat Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.302% 5/18/24 (a)(b) 12,480 12,492 
Gardner Denver, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 7/30/24 (a)(b) 8,010 8,053 
Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.6508% 3/13/22 (a)(b) 28,559 28,686 
TOTAL CAPITAL GOODS  73,770 
Chemicals - 2.1%   
Ashland LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8982% 5/17/24 (a)(b) 10,409 10,487 
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 11/18/23 (a)(b) 11,820 11,894 
Grace Europe Holding GmbH Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 4.058% 4/3/25 (a)(b) 9,540 9,594 
Ineos Styrolution U.S. Holding LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9944% 3/29/24 (a)(b) 8,732 8,765 
Invictus U.S. Newco LLC:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 3/28/25 (a)(b) 10,170 10,246 
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.6508% 3/28/26 (a)(b) 5,500 5,541 
MacDermid, Inc.:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 4% 6/7/23 (a)(b) 23,587 23,741 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 6/7/20 (a)(b) 12,057 12,106 
Methanol Holdings (TRINIDAD) Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 6/30/22 (a)(b) 20,113 20,113 
Oxea Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.875% 10/11/24 (a)(b) 16,074 16,084 
PQ Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 2/8/25 (a)(b) 9,621 9,667 
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 3.66% 4/3/25 (a)(b) 17,788 17,840 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 9/6/24 (a)(b) 15,174 15,288 
Tronox Blocked Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 9/22/24 (a)(b) 12,214 12,338 
Tronox Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 9/22/24 (a)(b) 28,185 28,472 
Univar, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 7/1/24 (a)(b) 13,862 13,977 
Venator Materials LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 8/8/24 (a)(b) 9,776 9,837 
W. R. Grace & Co.-Conn. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.058% 4/3/25 (a)(b) 5,565 5,596 
TOTAL CHEMICALS  241,586 
Consumer Products - 1.1%   
American Greetings Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.3906% 4/6/24 (a)(b) 9,770 9,819 
CSM Bakery Supplies Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.31% 7/3/20 (a)(b) 9,781 9,616 
HLF Financing U.S. LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.4008% 2/15/23 (a)(b) 35,547 35,947 
Prestige Brands, Inc. term loan 3 month U.S. LIBOR + 2.500% 3.8769% 1/26/24 (a)(b) 11,033 11,092 
Weight Watchers International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.9852% 11/29/24 (a)(b) 57,769 58,419 
TOTAL CONSUMER PRODUCTS  124,893 
Consumer Services - 0.1%   
Optiv Security, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.125% 2/1/24 (a)(b) 9,377 9,078 
Containers - 1.6%   
Berry Global, Inc.:   
Tranche O, term loan 3 month U.S. LIBOR + 2.000% 3.7396% 2/8/20 (a)(b) 44,619 44,861 
Tranche P, term loan 3 month U.S. LIBOR + 2.000% 3.7396% 1/6/21 (a)(b) 8,592 8,641 
Tranche Q, term loan 3 month U.S. LIBOR + 2.000% 3.8993% 10/1/22 (a)(b) 19,591 19,710 
Tranche R, term loan 3 month U.S. LIBOR + 2.000% 3.7396% 1/19/24 (a)(b) 9,900 9,951 
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9632% 4/3/24 (a)(b) 8,188 8,231 
Charter Nex U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 5/16/24 (a)(b) 9,612 9,627 
Consolidated Container Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 5/22/24 (a)(b) 17,816 17,927 
Crown Americas LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.3118% 1/29/25 (a)(b) 17,660 17,804 
Hostess Brands LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 8/3/22 (a)(b) 11,909 11,995 
Plastipak Packaging, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.63% 10/14/24 (a)(b) 6,328 6,350 
Reynolds Group Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 2/5/23 (a)(b) 28,725 28,904 
TOTAL CONTAINERS  184,001 
Diversified Financial Services - 4.0%   
AlixPartners LLP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 4/4/24 (a)(b) 25,978 26,087 
Bcp Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.3588% 10/31/24 (a)(b) 26,520 26,632 
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.91% 4/27/24 (a)(b) 25,487 25,609 
Deerfield Holdings Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.552% 2/13/25 (a)(b) 13,035 13,046 
Delos Finance SARL Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.052% 10/6/23 (a)(b) 33,095 33,290 
Duff & Phelps Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9434% 10/12/24 (a)(b) 4,625 4,629 
Finco I LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 7/14/22 (a)(b) 20,218 20,420 
Fly Funding II SARL Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8% 2/9/23 (a)(b) 32,766 32,776 
Flying Fortress Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.052% 10/30/22 (a)(b) 67,865 68,236 
Focus Financial Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.052% 7/3/24 (a)(b) 13,421 13,488 
Greensky Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1875% 3/29/25 (a)(b) 8,500 8,521 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.552% 3/1/25 (a)(b) 25,115 25,104 
IBC Capital U.S. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.8214% 9/10/21 (a)(b) 20,162 20,149 
Kingpin Intermediate Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.15% 7/3/24 (a)(b) 7,444 7,555 
NAB Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 6/30/24 (a)(b) 13,711 13,791 
Quest Software U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.8588% 10/31/22 (a)(b) 29,344 29,485 
Recess Holdings, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.750% 9/29/24 (a)(b)(e) 1,598 1,610 
3 month U.S. LIBOR + 3.750% 6.203% 9/29/24 (a)(b) 11,768 11,856 
SAI Global GP Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.802% 12/8/23 (a)(b)(f) 13,578 13,273 
The Edelman Financial Center L Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7319% 11/9/24 (a)(b) 6,983 7,044 
TransUnion LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 4/9/23 (a)(b) 36,887 36,950 
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.16% 8/18/23 (a)(b) 19,084 19,173 
TOTAL DIVERSIFIED FINANCIAL SERVICES  458,724 
Diversified Media - 0.1%   
Lamar Media Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6875% 3/16/25 (a)(b) 15,880 15,959 
Energy - 3.8%   
Arctic LNG Carriers Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.3999% 5/18/23 (a)(b) 22,015 22,125 
Bcp Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.3058% 6/22/24 (a)(b) 21,232 21,418 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.2733% 12/31/21 (a)(b) 54,745 61,451 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6471% 12/31/22 (a)(b) 41,940 42,792 
Calpine Construction Finance Co. LP Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 1/15/25 (a)(b) 9,975 9,989 
Chesapeake Energy Corp. Tranche 1LN, term loan 3 month U.S. LIBOR + 7.500% 9.4436% 8/23/21 (a)(b) 78,575 83,093 
Chief Exploration & Development, LLC. Tranche 2LN, term loan 3 month U.S. LIBOR + 6.500% 8.4161% 5/16/21 (a)(b) 3,000 2,964 
Citgo Petroleum Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.808% 7/29/21 (a)(b) 30,402 30,592 
Delek U.S. Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 3/13/25 (a)(b) 9,495 9,560 
Empire Generating Co. LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.61% 3/14/21 (a)(b) 8,549 6,690 
Tranche C, term loan 3 month U.S. LIBOR + 4.250% 6.61% 3/14/21 (a)(b) 845 661 
Energy Transfer Equity LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8983% 2/2/24 (a)(b) 10,542 10,548 
Foresight Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 8.1088% 3/28/22 (a)(b) 14,068 13,721 
FTS International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6508% 4/16/21 (a)(b) 17,578 17,673 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 7.8969% 3/1/24 (a)(b) 18,500 18,408 
GIM Channelview Cogeneration LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 4/13/25 (a)(b)(c) 2,570 2,596 
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 7.56% 8/25/23 (a)(b) 45,128 40,672 
Lucid Energy Group Ii Borrower Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.8969% 2/16/25 (a)(b) 12,000 11,985 
Medallion Midland Acquisition Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 10/30/24 (a)(b) 25,037 25,069 
TerraForm Power Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 11/8/22 (a)(b) 6,229 6,253 
TOTAL ENERGY  438,260 
Entertainment/Film - 0.5%   
AMC Entertainment Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1469% 12/15/23 (a)(b) 7,594 7,622 
AMC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1469% 12/15/22 (a)(b) 4,924 4,941 
CDS U.S. Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 7/8/22 (a)(b) 16,602 16,578 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.552% 7/8/23 (a)(b) 5,305 5,217 
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7303% 5/17/21 (a)(b) 6,517 6,541 
NAI Entertainment Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4/23/25 (a)(b)(c) 4,265 4,277 
SMG U.S. Midco 2, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 1/23/25 (a)(b) 10,175 10,260 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 8.9008% 1/23/26 (a)(b) 655 668 
TOTAL ENTERTAINMENT/FILM  56,104 
Environmental - 0.4%   
Hd Supply Waterworks Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.1154% 8/1/24 (a)(b) 6,104 6,135 
The Brickman Group, Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.8978% 12/18/20 (a)(b) 18,058 18,151 
Wrangler Buyer Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.8769% 9/28/24 (a)(b) 11,042 11,087 
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.302% 12/20/24 (a)(b) 12,116 12,197 
TOTAL ENVIRONMENTAL  47,570 
Food & Drug Retail - 3.9%   
Agro Merchants Intermediate Ho Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.052% 12/6/24 (a)(b) 4,988 5,025 
Albertson's LLC Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 4.6508% 8/25/21 (a)(b) 204,662 202,615 
3 month U.S. LIBOR + 3.000% 4.9563% 6/22/23 (a)(b) 10,530 10,411 
GOBP Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.802% 10/21/21 (a)(b) 7,402 7,430 
JBS USA Lux SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6815% 10/30/22 (a)(b) 63,078 62,986 
Lannett Co., Inc.:   
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6508% 11/25/20 (a)(b) 1,834 1,829 
Tranche B, term loan 3 month U.S. LIBOR + 5.375% 7.2758% 11/25/22 (a)(b) 76,441 76,299 
RPI Finance Trust Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.000% 4.302% 3/27/23 (a)(b) 47,590 47,794 
Smart & Final, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 11/15/22 (a)(b) 24,845 24,271 
SUPERVALU, Inc. term loan:   
3 month U.S. LIBOR + 3.500% 6/8/24 (a)(b)(c) 4,944 4,945 
3 month U.S. LIBOR + 3.500% 6/8/24 (a)(b)(c) 2,966 2,967 
TOTAL FOOD & DRUG RETAIL  446,572 
Food/Beverage/Tobacco - 1.1%   
Arctic Glacier Group Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 3/20/24 (a)(b) 6,282 6,341 
Chobani LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 10/7/23 (a)(b) 22,389 22,473 
Eg Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.3375% 2/6/25 (a)(b) 7,550 7,546 
Pinnacle Foods Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6369% 2/3/24 (a)(b) 5,479 5,517 
Post Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9% 5/24/24 (a)(b) 51,466 51,687 
Shearer's Foods, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.052% 6/30/22 (a)(b) 2,000 1,875 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.938% 6.552% 6/30/21 (a)(b) 8,995 8,950 
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 6/27/23 (a)(b) 26,773 27,001 
TOTAL FOOD/BEVERAGE/TOBACCO  131,390 
Gaming - 7.3%   
AP Gaming I LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.1508% 2/15/24 (a)(b) 11,130 11,258 
Aristocrat Technologies, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.000% 4.3587% 10/20/21 (a)(b) 25,707 25,847 
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.3587% 10/19/24 (a)(b) 6,983 7,017 
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.2438% 9/15/23 (a)(b) 22,034 22,142 
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 12/22/24 (a)(b) 269,325 271,455 
Churchill Downs, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.91% 12/27/24 (a)(b) 7,795 7,825 
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 4/18/24 (a)(b) 9,925 9,968 
Cyan Blue Holdco 3 Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 8/25/24 (a)(b) 16,929 16,957 
Eldorado Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1803% 4/17/24 (a)(b) 24,493 24,646 
Gaming VC Holdings SA Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 3/15/24 (a)(b) 22,780 22,799 
Golden Entertainment, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 4.91% 10/20/24 (a)(b) 46,883 47,234 
3 month U.S. LIBOR + 7.000% 8.9% 10/20/25 (a)(b) 7,500 7,650 
Golden Nugget, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6484% 10/4/23 (a)(b) 120,095 121,060 
Las Vegas Sands LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 3/27/25 (a)(b) 35,694 35,878 
MGM Mirage, Inc. Tranche A, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 4/25/21 (a)(b) 13,505 13,555 
Mohegan Tribal Gaming Authority Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.9008% 10/14/23 (a)(b) 10,279 10,196 
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 1/19/24 (a)(b) 4,155 4,187 
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 4.7264% 8/14/24 (a)(b) 98,781 99,352 
Station Casinos LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.41% 6/8/23 (a)(b) 54,741 54,906 
Wynn America LLC Tranche A 1LN, term loan 3 month U.S. LIBOR + 1.750% 3.66% 12/31/21 (a)(b) 19,285 19,237 
Yonkers Racing Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.16% 5/31/24 (a)(b) 6,342 6,386 
TOTAL GAMING  839,555 
Healthcare - 5.4%   
Albany Molecular Research, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.250% 5.1508% 8/30/24 (a)(b) 13,086 13,176 
3 month U.S. LIBOR + 7.000% 8.9008% 8/30/25 (a)(b) 4,545 4,596 
Community Health Systems, Inc.:   
Tranche G, term loan 3 month U.S. LIBOR + 3.000% 4.9842% 12/31/19 (a)(b) 35,106 34,524 
Tranche H, term loan 3 month U.S. LIBOR + 3.250% 5.2342% 1/27/21 (a)(b) 54,394 52,717 
Concentra, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.53% 6/1/22 (a)(b) 9,175 9,251 
CVS Holdings I LP:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.54% 2/6/26 (a)(b) 2,000 1,990 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.79% 2/6/25 (a)(b) 9,090 9,016 
DaVita HealthCare Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 6/24/21 (a)(b) 36,433 36,715 
Envision Healthcare Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.91% 12/1/23 (a)(b) 21,585 21,655 
Ghx Ultimate Parent Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 6/30/24 (a)(b) 9,781 9,799 
HCA Holdings, Inc.:   
Tranche B 10LN, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/13/25 (a)(b) 25,000 25,254 
Tranche B 11LN, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 3/18/23 (a)(b) 49,778 50,034 
Innoviva, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.3725% 8/18/22 (a)(b) 9,821 9,907 
Kindred Healthcare, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.875% 4/9/21 (a)(b) 1,914 1,916 
MPH Acquisition Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 6/7/23 (a)(b) 16,830 16,912 
Onex Schumacher Finance LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.9008% 7/31/22 (a)(b) 3,352 3,256 
Ortho-Clinical Diagnostics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6269% 6/30/21 (a)(b) 85,600 86,135 
PAREXEL International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 8/11/24 (a)(b) 32,874 32,977 
Press Ganey Holdings, Inc.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 10/21/23 (a)(b) 18,166 18,280 
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.500% 8.4008% 10/21/24 (a)(b) 2,247 2,270 
Prospect Medical Holdings, Inc. Tranche 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.4375% 2/22/24 (a)(b) 15,880 15,959 
U.S. Anesthesia Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 6/23/24 (a)(b) 11,249 11,303 
U.S. Renal Care, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 8.000% 10.302% 12/31/23 (a)(b) 5,000 5,013 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.552% 12/31/22 (a)(b) 65,143 64,817 
Valeant Pharmaceuticals International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.3944% 4/1/22 (a)(b) 67,856 68,577 
Vizient, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 3.500% 4.6508% 2/11/23 (a)(b) 8,904 8,952 
Wink Holdco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 12/1/24 (a)(b) 10,474 10,431 
TOTAL HEALTHCARE  625,432 
Homebuilders/Real Estate - 1.9%   
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.3576% 11/4/21 (a)(b) 26,764 26,801 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 1/30/24 (a)(b) 16,613 16,746 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 1/30/24 (a)(b) 1,064 1,072 
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/23/25 (a)(b) 39,640 39,845 
Pisces Midco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.089% 4/12/25 (a)(b) 26,000 26,228 
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1452% 2/8/25 (a)(b) 42,317 42,535 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.8983% 12/22/24 (a)(b) 70,593 70,838 
TOTAL HOMEBUILDERS/REAL ESTATE  224,065 
Hotels - 2.0%   
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 8/30/23 (a)(b) 15,964 16,032 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 11/30/23 (a)(b) 57,769 58,130 
Hilton Worldwide Finance LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 3.6471% 10/25/23 (a)(b) 61,530 62,019 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3 month U.S. LIBOR + 3.000% 5.3477% 4/14/21 (a)(b) 19,152 19,164 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5% 4/27/24 (a)(b) 38,159 38,360 
Ryman Hospitality Properties, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.07% 5/11/24 (a)(b) 9,900 9,952 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3/29/25 (a)(b)(c) 29,995 30,216 
TOTAL HOTELS  233,873 
Insurance - 2.8%   
Acrisure LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.9913% 11/22/23 (a)(b) 31,527 31,934 
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4/27/25 (a)(b)(c) 6,995 7,032 
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1269% 8/14/22 (a)(b) 32,077 32,249 
AmWINS Group, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.6508% 1/25/25 (a)(b) 1,925 1,943 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6489% 1/25/24 (a)(b) 13,825 13,906 
Asurion LLC:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 11/3/23 (a)(b) 48,558 48,892 
Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 4.6508% 8/4/22 (a)(b) 39,719 39,974 
3 month U.S. LIBOR + 6.000% 7.9008% 8/4/25 (a)(b) 30,800 31,632 
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.3595% 4/25/25 (a)(b) 50,460 50,754 
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 5/16/24 (a)(b) 44,049 44,195 
VF Holdings Corp. term loan 3 month U.S. LIBOR + 3.250% 5.1508% 6/30/23 (a)(b) 14,775 14,886 
TOTAL INSURANCE  317,397 
Leisure - 2.7%   
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.052% 5/30/21 (a)(b) 23,202 23,318 
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 7/31/24 (a)(b) 30,658 30,850 
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 2/28/25 (a)(b) 51,000 50,920 
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 2/1/24 (a)(b) 83,413 83,283 
Equinox Holdings, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 8.9008% 9/8/24 (a)(b) 7,325 7,479 
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 3/8/24 (a)(b) 19,796 19,899 
Fitness International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.5496% 4/18/25 (a)(b) 9,345 9,377 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.7342% 6/10/22 (a)(b) 34,442 34,512 
NVA Holdings, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 5.052% 2/2/25 (a)(b) 7,200 7,227 
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 7/6/24 (a)(b) 23,880 24,041 
Varsity Brands Holding Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 12/15/24 (a)(b) 17,456 17,583 
TOTAL LEISURE  308,489 
Metals/Mining - 0.6%   
American Rock Salt Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 3/21/25 (a)(b) 11,000 11,062 
Murray Energy Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.552% 4/16/20 (a)(b) 55,496 48,968 
U.S. Silica Co. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4/26/25 (a)(b)(c) 6,610 6,668 
TOTAL METALS/MINING  66,698 
Paper - 0.5%   
Caraustar Industries, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.802% 3/14/22 (a)(b) 27,131 27,255 
Flex Acquisition Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.308% 12/29/23 (a)(b) 30,561 30,709 
TOTAL PAPER  57,964 
Publishing/Printing - 2.4%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.1469% 6/7/23 (a)(b) 55,563 49,625 
Getty Images, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.802% 10/18/19 (a)(b) 30,821 29,236 
Harland Clarke Holdings Corp. Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 7.052% 11/3/23 (a)(b) 36,727 37,002 
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 5/29/21 (a)(b) 33,971 31,366 
Learning Care Group (U.S.) No 2 Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4239% 3/13/25 (a)(b) 9,000 9,045 
McGraw-Hill Global Education Holdings, LLC term loan 3 month U.S. LIBOR + 4.000% 5.9008% 5/4/22 (a)(b) 53,917 52,805 
Merrill Communications LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.6088% 6/1/22 (a)(b) 14,540 14,631 
Multi-Color Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 10/31/24 (a)(b) 9,940 9,982 
Proquest LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 10/24/21 (a)(b) 6,822 6,901 
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 5.3295% 8/24/22 (a)(b) 31,792 31,841 
TOTAL PUBLISHING/PRINTING  272,434 
Restaurants - 1.1%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.3082% 2/17/24 (a)(b) 45,091 45,204 
CEC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 2/14/21 (a)(b) 25,799 23,044 
K-Mac Holdings Corp.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.6469% 3/16/26 (a)(b) 1,285 1,300 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1469% 3/16/25 (a)(b) 4,475 4,505 
KFC Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6443% 4/3/25 (a)(b) 24,626 24,773 
Red Lobster Hospitality LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.1269% 7/28/21 (a)(b) 18,022 18,055 
Tacala Investment Corp. term loan 3 month U.S. LIBOR + 3.250% 5.1331% 2/1/25 (a)(b) 4,235 4,269 
TOTAL RESTAURANTS  121,150 
Services - 6.2%   
Acosta, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 9/26/21 (a)(b) 15,558 12,687 
Almonde, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.2342% 6/13/25 (a)(b) 16,705 16,500 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4842% 6/13/24 (a)(b) 55,815 55,758 
Ancestry.Com Operations, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.15% 10/19/23 (a)(b) 31,931 32,111 
Aramark Services, Inc.:   
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/28/24 (a)(b) 32,243 32,424 
Tranche B-1, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/11/25 (a)(b) 11,222 11,292 
Asgn, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 4/2/25 (a)(b) 8,574 8,610 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.6107% 6/21/24 (a)(b) 31,527 31,815 
Bright Horizons Family Solutions Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 11/7/23 (a)(b) 9,813 9,882 
Coinmach Service Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.0834% 11/14/22 (a)(b) 42,175 42,456 
EAB Global, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.2516% 11/17/24 (a)(b) 7,000 7,018 
Filtration Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 3/29/25 (a)(b) 11,965 12,072 
Flexera Software LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.16% 2/26/25 (a)(b) 7,355 7,384 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.16% 2/26/26 (a)(b) 650 653 
KAR Auction Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.8125% 3/9/23 (a)(b) 12,503 12,550 
KUEHG Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 8/13/22 (a)(b) 26,802 26,936 
Tranche B, term loan 3 month U.S. LIBOR + 8.250% 10.552% 8/22/25 (a)(b) 6,500 6,581 
Laureate Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 4/26/24 (a)(b) 145,518 146,359 
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.8769% 2/27/25 (a)(b) 60,970 60,932 
Prime Security Services Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 5/2/22 (a)(b) 42,910 43,164 
Prometric Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 1/29/25 (a)(b) 7,600 7,670 
Science Applications International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8125% 5/4/22 (a)(b) 6,226 6,280 
The GEO Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.13% 3/23/24 (a)(b) 11,449 11,464 
The ServiceMaster Co. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 11/8/23 (a)(b) 25,673 25,833 
Thomson Reuters IP&S Tranche B, term loan 1 month U.S. LIBOR + 3.250% 5.1508% 10/3/23 (a)(b) 26,563 26,733 
TMK Hawk Parent Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.38% 9/26/24 (a)(b) 10,075 10,133 
Wash Multifamily Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 5/14/22 (a)(b) 14,670 14,670 
Xerox Business Services LLC:   
term loan 3 month U.S. LIBOR + 2.250% 4.1508% 12/7/21 (a)(b) 11,151 11,156 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 12/7/23 (a)(b) 20,812 20,916 
TOTAL SERVICES  712,039 
Steel - 0.3%   
Atkore International, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.06% 12/22/23 (a)(b) 9,606 9,673 
JMC Steel Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.999% 6/14/21 (a)(b) 20,267 20,368 
TOTAL STEEL  30,041 
Super Retail - 4.1%   
Academy Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.9284% 7/2/22 (a)(b) 30,170 23,825 
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.9008% 9/25/24 (a)(b) 181,567 182,702 
BJ's Wholesale Club, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.500% 9.3906% 2/3/25 (a)(b) 13,941 14,063 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.3906% 2/3/24 (a)(b) 66,259 66,514 
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.38% 11/17/24 (a)(b) 23,389 23,476 
Davids Bridal, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.31% 10/11/19 (a)(b) 9,337 8,021 
Harbor Freight Tools U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 8/19/23 (a)(b) 13,539 13,596 
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.2342% 6/23/23 (a)(b) 42,768 41,616 
Party City Holdings, Inc. term loan 3 month U.S. LIBOR + 2.750% 4.9197% 8/19/22 (a)(b) 28,143 28,302 
PETCO Animal Supplies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.6088% 1/26/23 (a)(b) 31,381 21,478 
PetSmart, Inc. term loan 3 month U.S. LIBOR + 3.000% 4.89% 3/11/22 (a)(b) 24,585 19,293 
Red Ventures LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.9008% 11/8/24 (a)(b) 24,875 25,161 
Sports Authority, Inc. Tranche B, term loan 3 month U.S. LIBOR + 6.000% 0% 11/16/17 (b)(d) 3,960 
TOTAL SUPER RETAIL  468,048 
Technology - 12.7%   
Aptean, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.500% 11.81% 12/20/23 (a)(b) 2,500 2,513 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.56% 12/20/22 (a)(b) 12,924 12,941 
ATS Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6369% 2/28/25 (a)(b) 11,890 11,974 
Cavium, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.1499% 8/16/22 (a)(b) 11,116 11,171 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4/30/25 (a)(b)(c) 29,500 29,549 
Cologix Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.8983% 3/20/24 (a)(b) 6,450 6,446 
Computer Discount Warehouse (CDW) LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.06% 8/17/23 (a)(b) 31,069 31,235 
Compuware Corp. Tranche B 3LN, term loan 3 month U.S. LIBOR + 3.500% 5.13% 12/15/21 (a)(b) 56,057 56,715 
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 11/29/24 (a)(b) 16,250 16,318 
Dell International LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.91% 9/7/23 (a)(b) 35,089 35,188 
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 1/26/25 (a)(b)(e) 1,309 1,308 
Digicert Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6508% 10/31/24 (a)(b) 60,575 60,708 
EIG Investors Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.9563% 2/9/23 (a)(b) 38,595 38,857 
Electro Rent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.9842% 1/31/24 (a)(b) 9,589 9,685 
Epicor Software Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.16% 6/1/22 (a)(b) 32,998 33,158 
EPV Merger Sub, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.1508% 3/8/26 (a)(b) 2,250 2,253 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1452% 3/8/25 (a)(b) 12,192 12,208 
EXC Holdings III Corp. Tranche B, term loan:   
3 month U.S. LIBOR + 3.500% 5.1605% 12/2/24 (a)(b) 9,257 9,292 
3 month U.S. LIBOR + 7.500% 9.1605% 12/1/25 (a)(b) 2,000 2,035 
First Data Corp. Tranche B, term loan:   
3 month U.S. LIBOR + 2.250% 4.147% 7/10/22 (a)(b) 111,376 111,766 
3 month U.S. LIBOR + 2.250% 4.147% 4/26/24 (a)(b) 19,192 19,257 
Global Payments, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 4/22/23 (a)(b) 19,693 19,824 
Go Daddy Operating Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 2/15/24 (a)(b) 35,350 35,505 
Hyland Software, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1406% 7/1/22 (a)(b) 10,575 10,661 
Infor U.S., Inc. Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 2/1/22 (a)(b) 25,645 25,747 
Kronos, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.0234% 11/1/24 (a)(b) 30,000 31,041 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.8796% 11/1/23 (a)(b) 49,243 49,659 
Landesk Group, Inc. term loan:   
3 month U.S. LIBOR + 4.250% 6.16% 1/20/24 (a)(b) 34,418 33,876 
3 month U.S. LIBOR + 9.000% 10.91% 1/20/25 (a)(b) 5,000 4,731 
Leidos Innovations Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6875% 8/16/23 (a)(b) 13,703 13,806 
Lux FinCo U.S. SPV Tranche B 3LN, term loan 3 month U.S. LIBOR + 3.500% 5.3971% 10/16/22 (a)(b) 10,649 10,636 
MA FinanceCo. LLC:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 11/20/21 (a)(b) 3,631 3,625 
Tranche B 3LN, term loan:   
3 month U.S. LIBOR + 2.750% 4.6508% 6/21/24 (a)(b) 73,473 73,216 
3 month U.S. LIBOR + 2.750% 4.6508% 6/21/24 (a)(b) 10,694 10,656 
Marketo, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.0435% 2/7/25 (a)(b) 12,000 11,959 
Mcafee LLC Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 6.4008% 9/29/24 (a)(b) 55,437 56,121 
3 month U.S. LIBOR + 8.500% 10.4008% 9/29/25 (a)(b) 13,250 13,427 
MH Sub I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6469% 9/15/24 (a)(b) 15,423 15,416 
Micron Technology, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.66% 4/26/22 (a)(b) 1,870 1,883 
Microsemi Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8983% 1/15/23 (a)(b) 9,708 9,722 
Mitchell International, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.250% 11/20/24 (a)(b)(e) 1,374 1,373 
3 month U.S. LIBOR + 3.250% 5.1508% 12/1/24 (a)(b) 17,041 17,030 
3 month U.S. LIBOR + 7.250% 9.1508% 12/1/25 (a)(b) 5,000 5,005 
Rackspace Hosting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.787% 11/3/23 (a)(b) 41,652 41,531 
Renaissance Learning, Inc.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 4/9/21 (a)(b) 14,456 14,533 
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.302% 4/9/22 (a)(b) 19,080 19,120 
Solera LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.6508% 3/3/23 (a)(b) 32,394 32,499 
Sophia L.P. term loan 3 month U.S. LIBOR + 3.250% 5.552% 9/30/22 (a)(b) 26,080 26,197 
SS&C Technologies, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 7/8/22 (a)(b) 13,259 13,364 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 7/8/22 (a)(b) 94 94 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 3/9/25 (a)(b) 53,299 53,632 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 3/9/25 (a)(b) 19,720 19,843 
Sybil Software LLC. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 9/30/23 (a)(b) 36,925 37,099 
Syniverse Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.8952% 3/9/23 (a)(b) 32,750 33,087 
Tempo Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 5/1/24 (a)(b) 41,576 41,801 
TIBCO Software, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.41% 12/4/20 (a)(b) 11,178 11,237 
Travelclick, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 5/12/21 (a)(b) 9,682 9,674 
TTM Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 2.500% 9/28/24 (a)(b)(c) 15,000 15,084 
3 month U.S. LIBOR + 2.500% 4.3769% 9/28/24 (a)(b) 14,925 15,009 
Uber Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 4.000% 5.89% 4/4/25 (a)(b) 35,500 35,796 
3 month U.S. LIBOR + 4.000% 5.9008% 7/13/23 (a)(b) 15,188 15,283 
Vantiv LLC:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.000% 3.8956% 10/14/23 (a)(b) 12,656 12,730 
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8956% 8/7/24 (a)(b) 20,000 20,122 
WEX, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 7/1/23 (a)(b) 21,072 21,198 
TOTAL TECHNOLOGY  1,458,429 
Telecommunications - 7.4%   
Altice Financing SA Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 5.0977% 7/15/25 (a)(b) 10,890 10,773 
3 month U.S. LIBOR + 2.750% 5.0977% 1/31/26 (a)(b) 9,950 9,809 
Digicel International Finance Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.61% 5/25/24 (a)(b) 35,765 35,691 
Evo Payments International LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.9% 12/22/23 (a)(b) 21,815 22,060 
Frontier Communications Corp.:   
Tranche A, term loan 3 month U.S. LIBOR + 2.750% 4.66% 3/31/21 (a)(b) 51,739 50,846 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.66% 6/15/24 (a)(b) 86,872 85,759 
GTT Communications, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 4/26/25 (a)(b)(c) 26,500 26,268 
3 month U.S. LIBOR + 3.250% 5.1875% 1/9/24 (a)(b) 6,932 6,926 
Intelsat Jackson Holdings SA:   
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.7063% 11/27/23 (a)(b) 157,495 158,431 
Tranche B-4, term loan 3 month U.S. LIBOR + 4.500% 6.4563% 1/2/24 (a)(b) 19,000 19,665 
Tranche B-5, term loan 6.625% 1/2/24 33,000 33,561 
Level 3 Financing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1483% 2/22/24 (a)(b) 74,195 74,504 
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1469% 7/17/25 (a)(b) 26,019 25,928 
Neustar, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 8.000% 10.302% 8/8/25 (a)(b) 5,460 5,440 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.500% 4.802% 1/8/20 (a)(b) 2,606 2,613 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.500% 5.3769% 8/8/24 (a)(b) 22,900 22,941 
Onvoy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.802% 2/10/24 (a)(b) 19,864 19,169 
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 2/1/24 (a)(b) 41,878 41,414 
Sable International Finance Ltd. Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 2/2/26 (a)(b) 56,000 56,350 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4/11/25 (a)(b)(c) 42,330 42,430 
Securus Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 6.4008% 11/1/24 (a)(b) 30,673 31,057 
3 month U.S. LIBOR + 8.250% 10.1508% 11/1/25 (a)(b) 10,250 10,344 
SFR Group SA Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 7/31/25 (a)(b) 48,602 47,743 
Windstream Services LLC Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.250% 5.15% 2/17/24 (a)(b) 14,585 12,822 
TOTAL TELECOMMUNICATIONS  852,544 
Textiles/Apparel - 0.1%   
ABB Optical Group LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.9114% 6/15/23 (a)(b) 8,695 8,728 
Transportation Ex Air/Rail - 0.3%   
International Seaways Operating Corp. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.41% 6/22/22 (a)(b) 29,647 29,388 
Navios Maritime Partners LP Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.08% 9/14/20 (a)(b) 11,044 11,113 
TOTAL TRANSPORTATION EX AIR/RAIL  40,501 
Utilities - 2.1%   
Dynegy, Inc. Tranche C-2, term loan 3 month U.S. LIBOR + 2.750% 4.3983% 2/7/24 (a)(b) 50,824 51,136 
Exgen Renewables Iv LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.99% 11/28/24 (a)(b) 17,207 17,325 
Houston Fuel Oil Terminal Co. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.8% 8/19/21 (a)(b) 28,653 28,921 
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 5.8983% 2/15/24 (a)(b) 20,830 20,788 
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.052% 12/19/20 (a)(b) 15,933 15,508 
Pike Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.41% 3/23/25 (a)(b) 11,538 11,677 
Tex Operations Co. LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 8/4/23 (a)(b) 40,607 40,874 
Tranche C, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 8/4/23 (a)(b) 7,214 7,262 
Vertiv Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.8869% 11/30/23 (a)(b) 22,546 22,508 
Vistra Operations Co. LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.1468% 12/14/23 (a)(b) 22,466 22,606 
TOTAL UTILITIES  238,605 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $9,928,379)  9,944,580 
Nonconvertible Bonds - 5.0%   
Aerospace - 0.1%   
DAE Funding LLC 4% 8/1/20 (g) 6,495 6,446 
Building Materials - 0.1%   
CEMEX S.A.B. de CV 3 month U.S. LIBOR + 4.750% 7.0977% 10/15/18 (a)(b)(g) 10,000 10,091 
Cable/Satellite TV - 0.3%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 17,065 17,145 
5.25% 3/15/21 13,070 13,217 
Virgin Media Finance PLC 4.875% 2/15/22 2,000 1,900 
TOTAL CABLE/SATELLITE TV  32,262 
Chemicals - 0.2%   
Nufarm Australia Ltd. 6.375% 10/15/19 (g) 5,000 5,081 
OCI NV 6.625% 4/15/23 (g) 5,005 5,075 
TPC Group, Inc. 8.75% 12/15/20 (g) 18,095 18,005 
TOTAL CHEMICALS  28,161 
Containers - 0.6%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.25% 9/15/22 (g) 15,000 14,906 
6% 2/15/25 (g) 10,000 10,113 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
3 month U.S. LIBOR + 3.500% 5.8477% 7/15/21 (a)(b)(g) 15,130 15,338 
5.75% 10/15/20 32,296 32,528 
TOTAL CONTAINERS  72,885 
Diversified Financial Services - 0.1%   
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.25% 2/1/22 5,200 5,304 
International Lease Finance Corp. 6.25% 5/15/19 10,000 10,328 
TOTAL DIVERSIFIED FINANCIAL SERVICES  15,632 
Energy - 0.6%   
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 11,455 11,169 
7% 6/30/24 7,000 7,648 
Chesapeake Energy Corp.:   
3 month U.S. LIBOR + 3.250% 5.5977% 4/15/19 (a)(b) 7,080 7,062 
8% 12/15/22 (g) 8,195 8,687 
Citgo Petroleum Corp. 6.25% 8/15/22 (g) 10,000 10,000 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 5.8745% 6/15/22 (a)(b)(g) 7,500 7,481 
6.875% 6/15/25 (g) 5,500 5,720 
Denbury Resources, Inc.:   
9% 5/15/21 (g) 3,645 3,809 
9.25% 3/31/22 (g) 7,290 7,582 
TOTAL ENERGY  69,158 
Entertainment/Film - 0.0%   
Cinemark U.S.A., Inc. 5.125% 12/15/22 3,185 3,241 
Gaming - 0.2%   
Gateway Casinos & Entertainment Ltd. 8.25% 3/1/24 (g) 5,000 5,306 
Scientific Games Corp. 5% 10/15/25 (g) 5,000 4,830 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) 7,363 7,059 
TOTAL GAMING  17,195 
Healthcare - 1.0%   
Community Health Systems, Inc. 6.25% 3/31/23 21,175 19,256 
DaVita HealthCare Partners, Inc. 5.75% 8/15/22 8,235 8,436 
HCA Holdings, Inc. 3.75% 3/15/19 25,000 25,063 
Tenet Healthcare Corp.:   
4.625% 7/15/24 (g) 28,000 27,087 
4.75% 6/1/20 8,680 8,723 
7.5% 1/1/22 (g) 5,085 5,358 
THC Escrow Corp. III 5.125% 5/1/25 (g) 7,500 7,313 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (g) 5,590 5,562 
9% 12/15/25 (g) 7,440 7,533 
TOTAL HEALTHCARE  114,331 
Insurance - 0.1%   
HUB International Ltd. 7% 5/1/26 (g) 6,000 6,015 
Leisure - 0.2%   
Studio City Co. Ltd.:   
5.875% 11/30/19 (g) 6,860 6,971 
7.25% 11/30/21 (g) 10,000 10,413 
TOTAL LEISURE  17,384 
Paper - 0.1%   
Xerium Technologies, Inc. 9.5% 8/15/21 9,500 9,904 
Publishing/Printing - 0.0%   
Cenveo Corp. 6% 8/1/19 (d)(g) 8,155 3,344 
Restaurants - 0.1%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.25% 5/15/24 (g) 8,000 7,610 
Services - 0.3%   
APX Group, Inc.:   
7.625% 9/1/23 12,325 11,555 
7.875% 12/1/22 11,215 11,271 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (g) 6,032 6,221 
TOTAL SERVICES  29,047 
Super Retail - 0.1%   
JC Penney Corp., Inc. 5.875% 7/1/23 (g) 6,385 6,144 
PetSmart, Inc. 5.875% 6/1/25 (g) 7,665 5,519 
TOTAL SUPER RETAIL  11,663 
Technology - 0.3%   
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:   
3.48% 6/1/19 (g) 6,199 6,213 
4.42% 6/15/21 (g) 16,685 16,994 
NXP BV/NXP Funding LLC 4.125% 6/1/21 (g) 16,440 16,481 
TOTAL TECHNOLOGY  39,688 
Telecommunications - 0.6%   
Altice Financing SA 7.5% 5/15/26 (g) 19,200 18,912 
Intelsat Jackson Holdings SA 8% 2/15/24 (g) 14,100 14,893 
SFR Group SA:   
6% 5/15/22 (g) 2,550 2,513 
6.25% 5/15/24 (g) 10,905 10,387 
7.375% 5/1/26 (g) 18,755 18,169 
Sprint Capital Corp. 6.9% 5/1/19 5,000 5,150 
Sprint Communications, Inc. 9% 11/15/18 (g) 3,000 3,084 
TOTAL TELECOMMUNICATIONS  73,108 
Textiles/Apparel - 0.0%   
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (g)(h) 4,365 4,474 
TOTAL NONCONVERTIBLE BONDS   
(Cost $581,975)  571,639 
 Shares Value (000s) 
Common Stocks - 0.8%   
Broadcasting - 0.0%   
Cumulus Media, Inc. Class A (i) 28,882 
ION Media Networks, Inc. (f)(i) 2,842 2,669 
TOTAL BROADCASTING  2,670 
Chemicals - 0.2%   
LyondellBasell Industries NV Class A 245,943 26,004 
Energy - 0.4%   
Expro Holdings U.S., Inc. (f) 1,477,422 28,810 
Expro Holdings U.S., Inc. (f)(g) 542,213 10,573 
TOTAL ENERGY  39,383 
Homebuilders/Real Estate - 0.0%   
Five Point Holdings LLC Class A (i) 45,793 609 
Metals/Mining - 0.1%   
Warrior Metropolitan Coal, Inc. 496,683 11,548 
Telecommunications - 0.0%   
Consolidated Communications Holdings, Inc. 25,029 283 
Utilities - 0.1%   
TexGen Power LLC (f) 524,336 14,681 
TOTAL COMMON STOCKS   
(Cost $151,533)  95,178 
Money Market Funds - 9.2%   
Fidelity Cash Central Fund, 1.74% (j)   
(Cost $1,050,280) 1,050,217,899 1,050,428 
TOTAL INVESTMENT IN SECURITIES - 101.6%   
(Cost $11,712,167)  11,661,825 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (184,834) 
NET ASSETS - 100%  $11,476,991 

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (c) The coupon rate will be determined upon settlement of the loan after period end.

 (d) Non-income producing - Security is in default.

 (e) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $3,487,000 and $3,497,000, respectively.

 (f) Level 3 security

 (g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $373,312,000 or 3.3% of net assets.

 (h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (i) Non-income producing

 (j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $6,725 
Total $6,725 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $2,670 $1 $-- $2,669 
Energy 39,383 -- -- 39,383 
Materials 37,552 37,552 -- -- 
Real Estate 609 609 -- -- 
Telecommunication Services 283 283 -- -- 
Utilities 14,681 -- -- 14,681 
Bank Loan Obligations 9,944,580 -- 9,931,307 13,273 
Corporate Bonds 571,639 -- 571,639 -- 
Money Market Funds 1,050,428 1,050,428 -- -- 
Total Investments in Securities: $11,661,825 $1,088,873 $10,502,946 $70,006 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.5% 
Luxembourg 4.6% 
Canada 1.4% 
Others (Individually Less Than 1%) 4.5% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $10,661,887) 
$10,611,397  
Fidelity Central Funds (cost $1,050,280) 1,050,428  
Total Investment in Securities (cost $11,712,167)  $11,661,825 
Cash  9,322 
Receivable for investments sold  75,472 
Receivable for fund shares sold  27,116 
Dividends receivable  39 
Interest receivable  60,729 
Distributions receivable from Fidelity Central Funds  1,566 
Prepaid expenses  
Total assets  11,836,075 
Liabilities   
Payable for investments purchased   
Regular delivery $328,777  
Delayed delivery 4,365  
Payable for fund shares redeemed 10,839  
Distributions payable 7,925  
Accrued management fee 5,239  
Distribution and service plan fees payable 545  
Other affiliated payables 1,318  
Other payables and accrued expenses 76  
Total liabilities  359,084 
Net Assets  $11,476,991 
Net Assets consist of:   
Paid in capital  $11,865,752 
Undistributed net investment income  29,944 
Accumulated undistributed net realized gain (loss) on investments  (368,363) 
Net unrealized appreciation (depreciation) on investments  (50,342) 
Net Assets  $11,476,991 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($580,821 ÷ 60,125 shares)  $9.66 
Maximum offering price per share (100/97.25 of $9.66)  $9.93 
Class M:   
Net Asset Value and redemption price per share ($99,570 ÷ 10,322 shares)  $9.65 
Maximum offering price per share (100/97.25 of $9.65)  $9.92 
Class C:   
Net Asset Value and offering price per share ($483,504 ÷ 50,063 shares)(a)  $9.66 
Fidelity Floating Rate High Income Fund:   
Net Asset Value, offering price and redemption price per share ($8,157,301 ÷ 845,543 shares)  $9.65 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,155,795 ÷ 223,645 shares)  $9.64 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2018 (Unaudited) 
Investment Income   
Dividends  $6,724 
Interest  256,867 
Income from Fidelity Central Funds  6,725 
Total income  270,316 
Expenses   
Management fee $30,350  
Transfer agent fees 6,990  
Distribution and service plan fees 3,340  
Accounting fees and expenses 805  
Custodian fees and expenses 53  
Independent trustees' fees and expenses 22  
Registration fees 170  
Audit 54  
Legal 23  
Miscellaneous 34  
Total expenses before reductions 41,841  
Expense reductions (85) 41,756 
Net investment income (loss)  228,560 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (6,396)  
Fidelity Central Funds  
Total net realized gain (loss)  (6,391) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 5,053  
Fidelity Central Funds (5)  
Total change in net unrealized appreciation (depreciation)  5,048 
Net gain (loss)  (1,343) 
Net increase (decrease) in net assets resulting from operations  $227,217 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2018 (Unaudited) Year ended October 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $228,560 $408,150 
Net realized gain (loss) (6,391) 15,537 
Change in net unrealized appreciation (depreciation) 5,048 41,407 
Net increase (decrease) in net assets resulting from operations 227,217 465,094 
Distributions to shareholders from net investment income (231,325) (394,075) 
Distributions to shareholders from net realized gain (4,432) – 
Total distributions (235,757) (394,075) 
Share transactions - net increase (decrease) 753,215 1,322,261 
Redemption fees 95 365 
Total increase (decrease) in net assets 744,770 1,393,645 
Net Assets   
Beginning of period 10,732,221 9,338,576 
End of period $11,476,991 $10,732,221 
Other Information   
Undistributed net investment income end of period $29,944 $32,709 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Floating Rate High Income Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.67 $9.60 $9.42 $9.85 $9.99 $9.94 
Income from Investment Operations       
Net investment income (loss)A .192 .360 .334 .375 .317 .310 
Net realized and unrealized gain (loss) (.003) .056 .211 (.425) (.114) .070 
Total from investment operations .189 .416 .545 (.050) .203 .380 
Distributions from net investment income (.195) (.346) (.365) (.341) (.307) (.282) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.199) (.346) (.365) (.381) (.343) (.331) 
Redemption fees added to paid in capitalA B B B .001 B .001 
Net asset value, end of period $9.66 $9.67 $9.60 $9.42 $9.85 $9.99 
Total ReturnC,D,E 1.97% 4.40% 5.98% (.53)% 2.05% 3.89% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .99%H .99% .99% .98% .98% .99% 
Expenses net of fee waivers, if any .99%H .98% .99% .98% .98% .99% 
Expenses net of all reductions .99%H .98% .98% .98% .98% .99% 
Net investment income (loss) 4.00%H 3.72% 3.58% 3.86% 3.17% 3.11% 
Supplemental Data       
Net assets, end of period (in millions) $581 $585 $707 $863 $1,185 $1,681 
Portfolio turnover rateI 59%H 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.65 $9.58 $9.40 $9.84 $9.98 $9.93 
Income from Investment Operations       
Net investment income (loss)A .192 .356 .324 .365 .306 .299 
Net realized and unrealized gain (loss) .006B .057 .212 (.434) (.112) .071 
Total from investment operations .198 .413 .536 (.069) .194 .370 
Distributions from net investment income (.194) (.343) (.356) (.332) (.298) (.272) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.198) (.343) (.356) (.372) (.334) (.321) 
Redemption fees added to paid in capitalA C C C .001 C .001 
Net asset value, end of period $9.65 $9.65 $9.58 $9.40 $9.84 $9.98 
Total ReturnD,E,F 2.07% 4.37% 5.89% (.72)% 1.96% 3.79% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.00%I 1.01% 1.08% 1.07% 1.07% 1.09% 
Expenses net of fee waivers, if any 1.00%I 1.01% 1.08% 1.07% 1.07% 1.09% 
Expenses net of all reductions .99%I 1.01% 1.08% 1.07% 1.07% 1.09% 
Net investment income (loss) 4.00%I 3.69% 3.48% 3.77% 3.08% 3.01% 
Supplemental Data       
Net assets, end of period (in millions) $100 $137 $171 $195 $240 $272 
Portfolio turnover rateJ 59%I 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 C Amount represents less than $.0005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.67 $9.59 $9.41 $9.85 $9.99 $9.94 
Income from Investment Operations       
Net investment income (loss)A .156 .286 .263 .301 .241 .235 
Net realized and unrealized gain (loss) (.004) .067 .212 (.434) (.113) .070 
Total from investment operations .152 .353 .475 (.133) .128 .305 
Distributions from net investment income (.158) (.273) (.295) (.268) (.232) (.207) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.162) (.273) (.295) (.308) (.268) (.256) 
Redemption fees added to paid in capitalA B B B .001 B .001 
Net asset value, end of period $9.66 $9.67 $9.59 $9.41 $9.85 $9.99 
Total ReturnC,D,E 1.59% 3.73% 5.19% (1.38)% 1.29% 3.11% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.75%H 1.74% 1.74% 1.73% 1.73% 1.74% 
Expenses net of fee waivers, if any 1.75%H 1.74% 1.74% 1.73% 1.73% 1.74% 
Expenses net of all reductions 1.75%H 1.74% 1.74% 1.73% 1.73% 1.74% 
Net investment income (loss) 3.25%H 2.96% 2.82% 3.10% 2.41% 2.35% 
Supplemental Data       
Net assets, end of period (in millions) $484 $523 $582 $671 $835 $960 
Portfolio turnover rateI 59%H 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.65 $9.58 $9.40 $9.84 $9.98 $9.93 
Income from Investment Operations       
Net investment income (loss)A .205 .386 .359 .401 .344 .337 
Net realized and unrealized gain (loss) .007B .057 .212 (.435) (.113) .071 
Total from investment operations .212 .443 .571 (.034) .231 .408 
Distributions from net investment income (.208) (.373) (.391) (.367) (.335) (.310) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.212) (.373) (.391) (.407) (.371) (.359) 
Redemption fees added to paid in capitalA C C C .001 C .001 
Net asset value, end of period $9.65 $9.65 $9.58 $9.40 $9.84 $9.98 
Total ReturnD,E 2.22% 4.70% 6.28% (.36)% 2.34% 4.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .69%H .70% .71% .70% .69% .70% 
Expenses net of fee waivers, if any .69%H .69% .71% .70% .69% .70% 
Expenses net of all reductions .69%H .69% .71% .70% .69% .70% 
Net investment income (loss) 4.30%H 4.01% 3.86% 4.14% 3.45% 3.39% 
Supplemental Data       
Net assets, end of period (in millions) $8,157 $7,368 $6,131 $6,615 $9,032 $8,882 
Portfolio turnover rateI 59%H 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 C Amount represents less than $.0005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.65 $9.58 $9.40 $9.83 $9.97 $9.92 
Income from Investment Operations       
Net investment income (loss)A .202 .380 .355 .396 .339 .332 
Net realized and unrealized gain (loss) (.003) .058 .211 (.424) (.113) .071 
Total from investment operations .199 .438 .566 (.028) .226 .403 
Distributions from net investment income (.205) (.368) (.386) (.363) (.330) (.305) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.209) (.368) (.386) (.403) (.366) (.354) 
Redemption fees added to paid in capitalA B B B .001 B .001 
Net asset value, end of period $9.64 $9.65 $9.58 $9.40 $9.83 $9.97 
Total ReturnC,D 2.08% 4.64% 6.23% (.30)% 2.29% 4.15% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .76%G .75% .75% .74% .74% .75% 
Expenses net of fee waivers, if any .76%G .75% .75% .74% .74% .75% 
Expenses net of all reductions .76%G .75% .75% .74% .74% .75% 
Net investment income (loss) 4.23%G 3.95% 3.81% 4.10% 3.40% 3.34% 
Supplemental Data       
Net assets, end of period (in millions) $2,156 $2,120 $1,748 $2,429 $3,317 $3,646 
Portfolio turnover rateH 59%G 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Floating Rate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Floating Rate High Income Fund and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2018, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to defaulted bonds, market discount, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes as follows:

Gross unrealized appreciation $140,157 
Gross unrealized depreciation (177,107) 
Net unrealized appreciation (depreciation) $(36,950) 
Tax cost $11,698,775 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(15,767) 
Long-term (340,963) 
Total capital loss carryforward $(356,730) 

Short-Term Trading (Redemption) Fees. During the period, shares held by investors in the Fund less than 60 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Delayed Delivery Transactions and When-Issued Securities. During the period, the transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchase and Sales of Investments.

Purchases and sales of securities (including principal repayments of bank loan obligations), other than short-term securities, aggregated $3,347,494 and $3,035,667, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $717 $40 
Class M -% .25% 127 
Class C .75% .25% 2,496 184 
   $3,340 $226 

Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $22 
Class M 
Class C(a) 15 
 $40 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $442 .16 
Class M 82 .16 
Class C 389 .16 
Fidelity Floating Rate High Income Fund 4,193 .11 
Class I 1,884 .18 
 $6,990  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC),an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .01%.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $20.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $15 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $53.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $32.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2018 
Year ended
October 31, 2017 
From net investment income   
Class A $11,545 $23,794 
Class M 2,044 5,475 
Class C 8,192 16,016 
Fidelity Floating Rate High Income Fund 163,971 271,385 
Class I 45,573 77,405 
Total $231,325 $394,075 
From net realized gain   
Class A $237 $– 
Class M 41 – 
Class C 212 – 
Fidelity Floating Rate High Income Fund 3,058 – 
Class I 884 – 
Total $4,432 $– 

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2018 Year ended October 31, 2017 Six months ended April 30, 2018 Year ended October 31, 2017 
Class A     
Shares sold 7,665 22,327 $74,066 $215,427 
Reinvestment of distributions 1,154 2,289 11,138 22,112 
Shares redeemed (9,163) (37,818) (88,470) (365,948) 
Net increase (decrease) (344) (13,202) $(3,266) $(128,409) 
Class M     
Shares sold 1,005 1,925 $9,692 $18,561 
Reinvestment of distributions 211 550 2,039 5,301 
Shares redeemed (5,137) (6,051) (49,487) (58,381) 
Net increase (decrease) (3,921) (3,576) $(37,756) $(34,519) 
Class C     
Shares sold 2,753 7,187 $26,588 $69,348 
Reinvestment of distributions 770 1,402 7,436 13,539 
Shares redeemed (7,521) (15,197) (72,608) (146,725) 
Net increase (decrease) (3,998) (6,608) $(38,584) $(63,838) 
Fidelity Floating Rate High Income Fund     
Shares sold 156,620 256,065 $1,510,613 $2,468,886 
Reinvestment of distributions 13,974 22,910 134,751 221,002 
Shares redeemed (88,168) (155,638) (850,220) (1,500,477) 
Net increase (decrease) 82,426 123,337 $795,144 $1,189,411 
Class I     
Shares sold 37,337 102,139 $359,801 $985,030 
Reinvestment of distributions 3,462 5,949 33,353 57,337 
Shares redeemed (36,900) (70,851) (355,477) (682,751) 
Net increase (decrease) 3,899 37,237 $37,677 $359,616 

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2017 
Ending
Account Value
April 30, 2018 
Expenses Paid
During Period-B
November 1, 2017
to April 30, 2018 
Class A .99%    
Actual  $1,000.00 $1,019.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.89 $4.96 
Class M 1.00%    
Actual  $1,000.00 $1,020.70 $5.01 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class C 1.75%    
Actual  $1,000.00 $1,015.90 $8.75 
Hypothetical-C  $1,000.00 $1,016.12 $8.75 
Fidelity Floating Rate High Income Fund .69%    
Actual  $1,000.00 $1,022.20 $3.46 
Hypothetical-C  $1,000.00 $1,021.37 $3.46 
Class I .76%    
Actual  $1,000.00 $1,020.80 $3.81 
Hypothetical-C  $1,000.00 $1,021.03 $3.81 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AFR-SANN-0618
1.757235.117


Fidelity® Floating Rate High Income Fund



Semi-Annual Report

April 30, 2018

Fidelity® Floating Rate High Income Fund is a class of Fidelity Advisor® Floating Rate High Income Fund




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2018

(by issuer, excluding cash equivalents) % of fund's net assets 
Caesars Resort Collection LLC 2.4 
Intelsat Jackson Holdings SA 2.0 
Albertson's LLC 1.9 
Bass Pro Shops LLC. 1.6 
Charter Communication Operating LLC 1.5 
 9.4 

Top Five Market Sectors as of April 30, 2018

 % of fund's net assets 
Technology 13.0 
Telecommunications 8.0 
Gaming 7.5 
Services 6.5 
Healthcare 6.4 

Quality Diversification (% of fund's net assets)

As of April 30, 2018 
   BBB 3.8% 
   BB 35.7% 
   44.4% 
   CCC,CC,C 3.3% 
   Not Rated 4.4% 
   Equities 0.8% 
   Short-Term Investments and Net Other Assets 7.6% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of April 30, 2018* 
   Bank Loan Obligations 86.6% 
   Nonconvertible Bonds 5.0% 
   Common Stocks 0.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 7.6% 


 * Foreign investments – 10.5%


Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Bank Loan Obligations - 86.6%   
 Principal Amount (000s) Value (000s) 
Aerospace - 1.2%   
DAE Aviation Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.65% 7/7/22 (a)(b) $16,240 $16,359 
TransDigm, Inc.:   
Tranche F, term loan 3 month U.S. LIBOR + 2.750% 4.7887% 6/9/23 (a)(b) 29,477 29,594 
Tranche G, term loan 3 month U.S. LIBOR + 2.500% 4.7119% 8/22/24 (a)(b) 63,521 63,812 
Wesco Aircraft Hardware Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.81% 2/28/21 (a)(b) 9,655 9,318 
WP CPP Holdings LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 4/30/25 (a)(b)(c) 15,500 15,539 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.750% 4/30/26 (a)(b)(c) 2,150 2,150 
TOTAL AEROSPACE  136,772 
Air Transportation - 0.3%   
Hanjin International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.8551% 10/18/20 (a)(b) 7,500 7,519 
Transplace Holding, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 5.6456% 10/5/24 (a)(b) 11,489 11,552 
XPO Logistics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9198% 2/23/25 (a)(b) 10,990 11,045 
TOTAL AIR TRANSPORTATION  30,116 
Automotive & Auto Parts - 0.9%   
Caliber Holdings Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 2/1/24 (a)(b) 9,793 9,848 
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.1508% 2/1/25 (a)(b) 2,710 2,751 
Chrysler Group LLC term loan 3 month U.S. LIBOR + 2.000% 3.9% 12/31/18 (a)(b) 7,147 7,164 
Hertz Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 6/30/23 (a)(b) 21,052 21,114 
North American Lifting Holdings, Inc.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.802% 11/27/20 (a)(b) 16,284 15,429 
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.000% 11.302% 11/27/21 (a)(b) 24,370 19,821 
The Gates Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.052% 3/31/24 (a)(b) 13,202 13,272 
UOS LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.3769% 4/18/23 (a)(b) 15,016 15,392 
TOTAL AUTOMOTIVE & AUTO PARTS  104,791 
Broadcasting - 1.4%   
CBS Radio, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6225% 11/18/24 (a)(b) 44,389 44,546 
Clear Channel Communications, Inc. Tranche D, term loan 3 month U.S. LIBOR + 6.750% 9.052% 1/30/19 (a)(b)(d) 53,680 42,662 
ION Media Networks, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.66% 12/18/20 (a)(b) 19,147 19,187 
Raycom Media, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 8/23/24 (a)(b) 27,110 27,087 
Sinclair Television Group, Inc. Tranche B-1, term loan 3 month U.S. LIBOR + 2.500% 12/7/24 (a)(b)(c) 25,000 25,104 
TOTAL BROADCASTING  158,586 
Building Materials - 0.6%   
Beacon Roofing Supply, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1275% 1/2/25 (a)(b) 10,000 10,054 
Gopher Sub, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.302% 2/1/25 (a)(b) 12,221 12,205 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.052% 2/1/26 (a)(b) 3,235 3,251 
HD Supply, Inc. Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.500% 4.802% 10/17/23 (a)(b) 8,147 8,198 
Jeld-Wen, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.302% 12/14/24 (a)(b) 9,102 9,142 
Traverse Midstream Partners Ll Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.85% 9/27/24 (a)(b) 27,290 27,426 
TOTAL BUILDING MATERIALS  70,276 
Cable/Satellite TV - 3.0%   
Altice U.S. Finance SA Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 7/28/25 (a)(b) 30,196 30,148 
Cable One, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.06% 5/1/24 (a)(b) 7,910 7,950 
Charter Communication Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.91% 4/30/25 (a)(b) 167,440 168,098 
CSC Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.3969% 1/25/26 (a)(b) 33,985 33,985 
MCC Iowa LLC Tranche M, term loan 3 month U.S. LIBOR + 2.000% 3.75% 1/15/25 (a)(b) 6,368 6,386 
Telesat Canada Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.500% 4.41% 11/17/23 (a)(b) 21,860 21,935 
Virgin Media Bristol LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.3969% 1/15/26 (a)(b) 35,000 35,149 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1455% 8/19/23 (a)(b) 37,861 36,489 
TOTAL CABLE/SATELLITE TV  340,140 
Capital Goods - 0.6%   
AECOM Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 3/13/25 (a)(b) 15,225 15,263 
Apergy Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4/19/25 (a)(b)(c) 9,230 9,276 
Doosan Bobcat Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.302% 5/18/24 (a)(b) 12,480 12,492 
Gardner Denver, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 7/30/24 (a)(b) 8,010 8,053 
Onex Wizard U.S. Acquisition, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.6508% 3/13/22 (a)(b) 28,559 28,686 
TOTAL CAPITAL GOODS  73,770 
Chemicals - 2.1%   
Ashland LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8982% 5/17/24 (a)(b) 10,409 10,487 
ASP Chromaflo Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 11/18/23 (a)(b) 11,820 11,894 
Grace Europe Holding GmbH Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 4.058% 4/3/25 (a)(b) 9,540 9,594 
Ineos Styrolution U.S. Holding LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9944% 3/29/24 (a)(b) 8,732 8,765 
Invictus U.S. Newco LLC:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 3/28/25 (a)(b) 10,170 10,246 
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.6508% 3/28/26 (a)(b) 5,500 5,541 
MacDermid, Inc.:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 3.000% 4% 6/7/23 (a)(b) 23,587 23,741 
Tranche B 7LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 6/7/20 (a)(b) 12,057 12,106 
Methanol Holdings (TRINIDAD) Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 6/30/22 (a)(b) 20,113 20,113 
Oxea Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.875% 10/11/24 (a)(b) 16,074 16,084 
PQ Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 2/8/25 (a)(b) 9,621 9,667 
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 3.66% 4/3/25 (a)(b) 17,788 17,840 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 9/6/24 (a)(b) 15,174 15,288 
Tronox Blocked Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 9/22/24 (a)(b) 12,214 12,338 
Tronox Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 9/22/24 (a)(b) 28,185 28,472 
Univar, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 7/1/24 (a)(b) 13,862 13,977 
Venator Materials LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 8/8/24 (a)(b) 9,776 9,837 
W. R. Grace & Co.-Conn. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 4.058% 4/3/25 (a)(b) 5,565 5,596 
TOTAL CHEMICALS  241,586 
Consumer Products - 1.1%   
American Greetings Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.3906% 4/6/24 (a)(b) 9,770 9,819 
CSM Bakery Supplies Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 6.31% 7/3/20 (a)(b) 9,781 9,616 
HLF Financing U.S. LLC Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.4008% 2/15/23 (a)(b) 35,547 35,947 
Prestige Brands, Inc. term loan 3 month U.S. LIBOR + 2.500% 3.8769% 1/26/24 (a)(b) 11,033 11,092 
Weight Watchers International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.9852% 11/29/24 (a)(b) 57,769 58,419 
TOTAL CONSUMER PRODUCTS  124,893 
Consumer Services - 0.1%   
Optiv Security, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.125% 2/1/24 (a)(b) 9,377 9,078 
Containers - 1.6%   
Berry Global, Inc.:   
Tranche O, term loan 3 month U.S. LIBOR + 2.000% 3.7396% 2/8/20 (a)(b) 44,619 44,861 
Tranche P, term loan 3 month U.S. LIBOR + 2.000% 3.7396% 1/6/21 (a)(b) 8,592 8,641 
Tranche Q, term loan 3 month U.S. LIBOR + 2.000% 3.8993% 10/1/22 (a)(b) 19,591 19,710 
Tranche R, term loan 3 month U.S. LIBOR + 2.000% 3.7396% 1/19/24 (a)(b) 9,900 9,951 
BWAY Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9632% 4/3/24 (a)(b) 8,188 8,231 
Charter Nex U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 5/16/24 (a)(b) 9,612 9,627 
Consolidated Container Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 5/22/24 (a)(b) 17,816 17,927 
Crown Americas LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.3118% 1/29/25 (a)(b) 17,660 17,804 
Hostess Brands LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 8/3/22 (a)(b) 11,909 11,995 
Plastipak Packaging, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.63% 10/14/24 (a)(b) 6,328 6,350 
Reynolds Group Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 2/5/23 (a)(b) 28,725 28,904 
TOTAL CONTAINERS  184,001 
Diversified Financial Services - 4.0%   
AlixPartners LLP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 4/4/24 (a)(b) 25,978 26,087 
Bcp Renaissance Parent LLC Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.3588% 10/31/24 (a)(b) 26,520 26,632 
Cypress Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.91% 4/27/24 (a)(b) 25,487 25,609 
Deerfield Holdings Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.552% 2/13/25 (a)(b) 13,035 13,046 
Delos Finance SARL Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.052% 10/6/23 (a)(b) 33,095 33,290 
Duff & Phelps Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9434% 10/12/24 (a)(b) 4,625 4,629 
Finco I LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 7/14/22 (a)(b) 20,218 20,420 
Fly Funding II SARL Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8% 2/9/23 (a)(b) 32,766 32,776 
Flying Fortress Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 4.052% 10/30/22 (a)(b) 67,865 68,236 
Focus Financial Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 5.052% 7/3/24 (a)(b) 13,421 13,488 
Greensky Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1875% 3/29/25 (a)(b) 8,500 8,521 
HarbourVest Partners LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.552% 3/1/25 (a)(b) 25,115 25,104 
IBC Capital U.S. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.8214% 9/10/21 (a)(b) 20,162 20,149 
Kingpin Intermediate Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.15% 7/3/24 (a)(b) 7,444 7,555 
NAB Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 6/30/24 (a)(b) 13,711 13,791 
Quest Software U.S. Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.8588% 10/31/22 (a)(b) 29,344 29,485 
Recess Holdings, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.750% 9/29/24 (a)(b)(e) 1,598 1,610 
3 month U.S. LIBOR + 3.750% 6.203% 9/29/24 (a)(b) 11,768 11,856 
SAI Global GP Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.802% 12/8/23 (a)(b)(f) 13,578 13,273 
The Edelman Financial Center L Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.7319% 11/9/24 (a)(b) 6,983 7,044 
TransUnion LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 4/9/23 (a)(b) 36,887 36,950 
UFC Holdings LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.16% 8/18/23 (a)(b) 19,084 19,173 
TOTAL DIVERSIFIED FINANCIAL SERVICES  458,724 
Diversified Media - 0.1%   
Lamar Media Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6875% 3/16/25 (a)(b) 15,880 15,959 
Energy - 3.8%   
Arctic LNG Carriers Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.3999% 5/18/23 (a)(b) 22,015 22,125 
Bcp Raptor LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.3058% 6/22/24 (a)(b) 21,232 21,418 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.2733% 12/31/21 (a)(b) 54,745 61,451 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6471% 12/31/22 (a)(b) 41,940 42,792 
Calpine Construction Finance Co. LP Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 1/15/25 (a)(b) 9,975 9,989 
Chesapeake Energy Corp. Tranche 1LN, term loan 3 month U.S. LIBOR + 7.500% 9.4436% 8/23/21 (a)(b) 78,575 83,093 
Chief Exploration & Development, LLC. Tranche 2LN, term loan 3 month U.S. LIBOR + 6.500% 8.4161% 5/16/21 (a)(b) 3,000 2,964 
Citgo Petroleum Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.808% 7/29/21 (a)(b) 30,402 30,592 
Delek U.S. Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 3/13/25 (a)(b) 9,495 9,560 
Empire Generating Co. LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.61% 3/14/21 (a)(b) 8,549 6,690 
Tranche C, term loan 3 month U.S. LIBOR + 4.250% 6.61% 3/14/21 (a)(b) 845 661 
Energy Transfer Equity LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8983% 2/2/24 (a)(b) 10,542 10,548 
Foresight Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.750% 8.1088% 3/28/22 (a)(b) 14,068 13,721 
FTS International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6508% 4/16/21 (a)(b) 17,578 17,673 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 7.8969% 3/1/24 (a)(b) 18,500 18,408 
GIM Channelview Cogeneration LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 4/13/25 (a)(b)(c) 2,570 2,596 
Gulf Finance LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.250% 7.56% 8/25/23 (a)(b) 45,128 40,672 
Lucid Energy Group Ii Borrower Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.8969% 2/16/25 (a)(b) 12,000 11,985 
Medallion Midland Acquisition Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 10/30/24 (a)(b) 25,037 25,069 
TerraForm Power Operating LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 11/8/22 (a)(b) 6,229 6,253 
TOTAL ENERGY  438,260 
Entertainment/Film - 0.5%   
AMC Entertainment Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1469% 12/15/23 (a)(b) 7,594 7,622 
AMC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1469% 12/15/22 (a)(b) 4,924 4,941 
CDS U.S. Intermediate Holdings, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 7/8/22 (a)(b) 16,602 16,578 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 8.250% 10.552% 7/8/23 (a)(b) 5,305 5,217 
Digital Cinema Implementation Partners,LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.7303% 5/17/21 (a)(b) 6,517 6,541 
NAI Entertainment Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4/23/25 (a)(b)(c) 4,265 4,277 
SMG U.S. Midco 2, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 1/23/25 (a)(b) 10,175 10,260 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.000% 8.9008% 1/23/26 (a)(b) 655 668 
TOTAL ENTERTAINMENT/FILM  56,104 
Environmental - 0.4%   
Hd Supply Waterworks Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.1154% 8/1/24 (a)(b) 6,104 6,135 
The Brickman Group, Ltd. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.8978% 12/18/20 (a)(b) 18,058 18,151 
Wrangler Buyer Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.8769% 9/28/24 (a)(b) 11,042 11,087 
WTG Holdings III Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.302% 12/20/24 (a)(b) 12,116 12,197 
TOTAL ENVIRONMENTAL  47,570 
Food & Drug Retail - 3.9%   
Agro Merchants Intermediate Ho Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.052% 12/6/24 (a)(b) 4,988 5,025 
Albertson's LLC Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 4.6508% 8/25/21 (a)(b) 204,662 202,615 
3 month U.S. LIBOR + 3.000% 4.9563% 6/22/23 (a)(b) 10,530 10,411 
GOBP Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.802% 10/21/21 (a)(b) 7,402 7,430 
JBS USA Lux SA Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.6815% 10/30/22 (a)(b) 63,078 62,986 
Lannett Co., Inc.:   
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6508% 11/25/20 (a)(b) 1,834 1,829 
Tranche B, term loan 3 month U.S. LIBOR + 5.375% 7.2758% 11/25/22 (a)(b) 76,441 76,299 
RPI Finance Trust Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.000% 4.302% 3/27/23 (a)(b) 47,590 47,794 
Smart & Final, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 11/15/22 (a)(b) 24,845 24,271 
SUPERVALU, Inc. term loan:   
3 month U.S. LIBOR + 3.500% 6/8/24 (a)(b)(c) 4,944 4,945 
3 month U.S. LIBOR + 3.500% 6/8/24 (a)(b)(c) 2,966 2,967 
TOTAL FOOD & DRUG RETAIL  446,572 
Food/Beverage/Tobacco - 1.1%   
Arctic Glacier Group Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 3/20/24 (a)(b) 6,282 6,341 
Chobani LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 10/7/23 (a)(b) 22,389 22,473 
Eg Finco Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.3375% 2/6/25 (a)(b) 7,550 7,546 
Pinnacle Foods Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6369% 2/3/24 (a)(b) 5,479 5,517 
Post Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9% 5/24/24 (a)(b) 51,466 51,687 
Shearer's Foods, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 9.052% 6/30/22 (a)(b) 2,000 1,875 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.938% 6.552% 6/30/21 (a)(b) 8,995 8,950 
U.S. Foods, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 6/27/23 (a)(b) 26,773 27,001 
TOTAL FOOD/BEVERAGE/TOBACCO  131,390 
Gaming - 7.3%   
AP Gaming I LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.1508% 2/15/24 (a)(b) 11,130 11,258 
Aristocrat Technologies, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.000% 4.3587% 10/20/21 (a)(b) 25,707 25,847 
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.3587% 10/19/24 (a)(b) 6,983 7,017 
Boyd Gaming Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.2438% 9/15/23 (a)(b) 22,034 22,142 
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 12/22/24 (a)(b) 269,325 271,455 
Churchill Downs, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.91% 12/27/24 (a)(b) 7,795 7,825 
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 4/18/24 (a)(b) 9,925 9,968 
Cyan Blue Holdco 3 Ltd. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 8/25/24 (a)(b) 16,929 16,957 
Eldorado Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1803% 4/17/24 (a)(b) 24,493 24,646 
Gaming VC Holdings SA Tranche B2 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 3/15/24 (a)(b) 22,780 22,799 
Golden Entertainment, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 4.91% 10/20/24 (a)(b) 46,883 47,234 
3 month U.S. LIBOR + 7.000% 8.9% 10/20/25 (a)(b) 7,500 7,650 
Golden Nugget, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6484% 10/4/23 (a)(b) 120,095 121,060 
Las Vegas Sands LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 3/27/25 (a)(b) 35,694 35,878 
MGM Mirage, Inc. Tranche A, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 4/25/21 (a)(b) 13,505 13,555 
Mohegan Tribal Gaming Authority Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.9008% 10/14/23 (a)(b) 10,279 10,196 
Penn National Gaming, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 1/19/24 (a)(b) 4,155 4,187 
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 4.7264% 8/14/24 (a)(b) 98,781 99,352 
Station Casinos LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.41% 6/8/23 (a)(b) 54,741 54,906 
Wynn America LLC Tranche A 1LN, term loan 3 month U.S. LIBOR + 1.750% 3.66% 12/31/21 (a)(b) 19,285 19,237 
Yonkers Racing Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.16% 5/31/24 (a)(b) 6,342 6,386 
TOTAL GAMING  839,555 
Healthcare - 5.4%   
Albany Molecular Research, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.250% 5.1508% 8/30/24 (a)(b) 13,086 13,176 
3 month U.S. LIBOR + 7.000% 8.9008% 8/30/25 (a)(b) 4,545 4,596 
Community Health Systems, Inc.:   
Tranche G, term loan 3 month U.S. LIBOR + 3.000% 4.9842% 12/31/19 (a)(b) 35,106 34,524 
Tranche H, term loan 3 month U.S. LIBOR + 3.250% 5.2342% 1/27/21 (a)(b) 54,394 52,717 
Concentra, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.53% 6/1/22 (a)(b) 9,175 9,251 
CVS Holdings I LP:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.54% 2/6/26 (a)(b) 2,000 1,990 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.79% 2/6/25 (a)(b) 9,090 9,016 
DaVita HealthCare Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 6/24/21 (a)(b) 36,433 36,715 
Envision Healthcare Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.91% 12/1/23 (a)(b) 21,585 21,655 
Ghx Ultimate Parent Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 6/30/24 (a)(b) 9,781 9,799 
HCA Holdings, Inc.:   
Tranche B 10LN, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/13/25 (a)(b) 25,000 25,254 
Tranche B 11LN, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 3/18/23 (a)(b) 49,778 50,034 
Innoviva, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.3725% 8/18/22 (a)(b) 9,821 9,907 
Kindred Healthcare, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.875% 4/9/21 (a)(b) 1,914 1,916 
MPH Acquisition Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 6/7/23 (a)(b) 16,830 16,912 
Onex Schumacher Finance LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.9008% 7/31/22 (a)(b) 3,352 3,256 
Ortho-Clinical Diagnostics, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6269% 6/30/21 (a)(b) 85,600 86,135 
PAREXEL International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 8/11/24 (a)(b) 32,874 32,977 
Press Ganey Holdings, Inc.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 10/21/23 (a)(b) 18,166 18,280 
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.500% 8.4008% 10/21/24 (a)(b) 2,247 2,270 
Prospect Medical Holdings, Inc. Tranche 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.4375% 2/22/24 (a)(b) 15,880 15,959 
U.S. Anesthesia Partners, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 6/23/24 (a)(b) 11,249 11,303 
U.S. Renal Care, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 8.000% 10.302% 12/31/23 (a)(b) 5,000 5,013 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.552% 12/31/22 (a)(b) 65,143 64,817 
Valeant Pharmaceuticals International, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.3944% 4/1/22 (a)(b) 67,856 68,577 
Vizient, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 3.500% 4.6508% 2/11/23 (a)(b) 8,904 8,952 
Wink Holdco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 12/1/24 (a)(b) 10,474 10,431 
TOTAL HEALTHCARE  625,432 
Homebuilders/Real Estate - 1.9%   
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.3576% 11/4/21 (a)(b) 26,764 26,801 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 1/30/24 (a)(b) 16,613 16,746 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 1/30/24 (a)(b) 1,064 1,072 
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/23/25 (a)(b) 39,640 39,845 
Pisces Midco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.089% 4/12/25 (a)(b) 26,000 26,228 
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1452% 2/8/25 (a)(b) 42,317 42,535 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.8983% 12/22/24 (a)(b) 70,593 70,838 
TOTAL HOMEBUILDERS/REAL ESTATE  224,065 
Hotels - 2.0%   
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 8/30/23 (a)(b) 15,964 16,032 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 11/30/23 (a)(b) 57,769 58,130 
Hilton Worldwide Finance LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 1.750% 3.6471% 10/25/23 (a)(b) 61,530 62,019 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3 month U.S. LIBOR + 3.000% 5.3477% 4/14/21 (a)(b) 19,152 19,164 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5% 4/27/24 (a)(b) 38,159 38,360 
Ryman Hospitality Properties, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.07% 5/11/24 (a)(b) 9,900 9,952 
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3/29/25 (a)(b)(c) 29,995 30,216 
TOTAL HOTELS  233,873 
Insurance - 2.8%   
Acrisure LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.9913% 11/22/23 (a)(b) 31,527 31,934 
Alliant Holdings Intermediate LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4/27/25 (a)(b)(c) 6,995 7,032 
Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1269% 8/14/22 (a)(b) 32,077 32,249 
AmWINS Group, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.6508% 1/25/25 (a)(b) 1,925 1,943 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6489% 1/25/24 (a)(b) 13,825 13,906 
Asurion LLC:   
Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 11/3/23 (a)(b) 48,558 48,892 
Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 4.6508% 8/4/22 (a)(b) 39,719 39,974 
3 month U.S. LIBOR + 6.000% 7.9008% 8/4/25 (a)(b) 30,800 31,632 
HUB International Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.3595% 4/25/25 (a)(b) 50,460 50,754 
USI, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 5/16/24 (a)(b) 44,049 44,195 
VF Holdings Corp. term loan 3 month U.S. LIBOR + 3.250% 5.1508% 6/30/23 (a)(b) 14,775 14,886 
TOTAL INSURANCE  317,397 
Leisure - 2.7%   
24 Hour Fitness Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.052% 5/30/21 (a)(b) 23,202 23,318 
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 7/31/24 (a)(b) 30,658 30,850 
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 2/28/25 (a)(b) 51,000 50,920 
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 2/1/24 (a)(b) 83,413 83,283 
Equinox Holdings, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 8.9008% 9/8/24 (a)(b) 7,325 7,479 
Tranche B-1, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 3/8/24 (a)(b) 19,796 19,899 
Fitness International LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.5496% 4/18/25 (a)(b) 9,345 9,377 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.7342% 6/10/22 (a)(b) 34,442 34,512 
NVA Holdings, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.750% 5.052% 2/2/25 (a)(b) 7,200 7,227 
Seminole Tribe of Florida Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 7/6/24 (a)(b) 23,880 24,041 
Varsity Brands Holding Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 12/15/24 (a)(b) 17,456 17,583 
TOTAL LEISURE  308,489 
Metals/Mining - 0.6%   
American Rock Salt Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 3/21/25 (a)(b) 11,000 11,062 
Murray Energy Corp. Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.552% 4/16/20 (a)(b) 55,496 48,968 
U.S. Silica Co. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 4/26/25 (a)(b)(c) 6,610 6,668 
TOTAL METALS/MINING  66,698 
Paper - 0.5%   
Caraustar Industries, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.802% 3/14/22 (a)(b) 27,131 27,255 
Flex Acquisition Co., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.308% 12/29/23 (a)(b) 30,561 30,709 
TOTAL PAPER  57,964 
Publishing/Printing - 2.4%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.1469% 6/7/23 (a)(b) 55,563 49,625 
Getty Images, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.802% 10/18/19 (a)(b) 30,821 29,236 
Harland Clarke Holdings Corp. Tranche B 7LN, term loan 3 month U.S. LIBOR + 4.750% 7.052% 11/3/23 (a)(b) 36,727 37,002 
Houghton Mifflin Harcourt Publishing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 5/29/21 (a)(b) 33,971 31,366 
Learning Care Group (U.S.) No 2 Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.4239% 3/13/25 (a)(b) 9,000 9,045 
McGraw-Hill Global Education Holdings, LLC term loan 3 month U.S. LIBOR + 4.000% 5.9008% 5/4/22 (a)(b) 53,917 52,805 
Merrill Communications LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.6088% 6/1/22 (a)(b) 14,540 14,631 
Multi-Color Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 10/31/24 (a)(b) 9,940 9,982 
Proquest LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 10/24/21 (a)(b) 6,822 6,901 
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 5.3295% 8/24/22 (a)(b) 31,792 31,841 
TOTAL PUBLISHING/PRINTING  272,434 
Restaurants - 1.1%   
Burger King Worldwide, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.3082% 2/17/24 (a)(b) 45,091 45,204 
CEC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 2/14/21 (a)(b) 25,799 23,044 
K-Mac Holdings Corp.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 6.750% 8.6469% 3/16/26 (a)(b) 1,285 1,300 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1469% 3/16/25 (a)(b) 4,475 4,505 
KFC Holding Co. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6443% 4/3/25 (a)(b) 24,626 24,773 
Red Lobster Hospitality LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 7.1269% 7/28/21 (a)(b) 18,022 18,055 
Tacala Investment Corp. term loan 3 month U.S. LIBOR + 3.250% 5.1331% 2/1/25 (a)(b) 4,235 4,269 
TOTAL RESTAURANTS  121,150 
Services - 6.2%   
Acosta, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 9/26/21 (a)(b) 15,558 12,687 
Almonde, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.2342% 6/13/25 (a)(b) 16,705 16,500 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4842% 6/13/24 (a)(b) 55,815 55,758 
Ancestry.Com Operations, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.15% 10/19/23 (a)(b) 31,931 32,111 
Aramark Services, Inc.:   
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/28/24 (a)(b) 32,243 32,424 
Tranche B-1, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/11/25 (a)(b) 11,222 11,292 
Asgn, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 4/2/25 (a)(b) 8,574 8,610 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.6107% 6/21/24 (a)(b) 31,527 31,815 
Bright Horizons Family Solutions Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 11/7/23 (a)(b) 9,813 9,882 
Coinmach Service Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.0834% 11/14/22 (a)(b) 42,175 42,456 
EAB Global, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 6.2516% 11/17/24 (a)(b) 7,000 7,018 
Filtration Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 3/29/25 (a)(b) 11,965 12,072 
Flexera Software LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.16% 2/26/25 (a)(b) 7,355 7,384 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.16% 2/26/26 (a)(b) 650 653 
KAR Auction Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.8125% 3/9/23 (a)(b) 12,503 12,550 
KUEHG Corp.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 8/13/22 (a)(b) 26,802 26,936 
Tranche B, term loan 3 month U.S. LIBOR + 8.250% 10.552% 8/22/25 (a)(b) 6,500 6,581 
Laureate Education, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 4/26/24 (a)(b) 145,518 146,359 
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.8769% 2/27/25 (a)(b) 60,970 60,932 
Prime Security Services Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 5/2/22 (a)(b) 42,910 43,164 
Prometric Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 1/29/25 (a)(b) 7,600 7,670 
Science Applications International Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8125% 5/4/22 (a)(b) 6,226 6,280 
The GEO Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.13% 3/23/24 (a)(b) 11,449 11,464 
The ServiceMaster Co. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 11/8/23 (a)(b) 25,673 25,833 
Thomson Reuters IP&S Tranche B, term loan 1 month U.S. LIBOR + 3.250% 5.1508% 10/3/23 (a)(b) 26,563 26,733 
TMK Hawk Parent Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.38% 9/26/24 (a)(b) 10,075 10,133 
Wash Multifamily Acquisition, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 5/14/22 (a)(b) 14,670 14,670 
Xerox Business Services LLC:   
term loan 3 month U.S. LIBOR + 2.250% 4.1508% 12/7/21 (a)(b) 11,151 11,156 
Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 12/7/23 (a)(b) 20,812 20,916 
TOTAL SERVICES  712,039 
Steel - 0.3%   
Atkore International, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.06% 12/22/23 (a)(b) 9,606 9,673 
JMC Steel Group, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.999% 6/14/21 (a)(b) 20,267 20,368 
TOTAL STEEL  30,041 
Super Retail - 4.1%   
Academy Ltd. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.9284% 7/2/22 (a)(b) 30,170 23,825 
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.9008% 9/25/24 (a)(b) 181,567 182,702 
BJ's Wholesale Club, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.500% 9.3906% 2/3/25 (a)(b) 13,941 14,063 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.3906% 2/3/24 (a)(b) 66,259 66,514 
Burlington Coat Factory Warehouse Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.38% 11/17/24 (a)(b) 23,389 23,476 
Davids Bridal, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 6.31% 10/11/19 (a)(b) 9,337 8,021 
Harbor Freight Tools U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 8/19/23 (a)(b) 13,539 13,596 
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.2342% 6/23/23 (a)(b) 42,768 41,616 
Party City Holdings, Inc. term loan 3 month U.S. LIBOR + 2.750% 4.9197% 8/19/22 (a)(b) 28,143 28,302 
PETCO Animal Supplies, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 5.6088% 1/26/23 (a)(b) 31,381 21,478 
PetSmart, Inc. term loan 3 month U.S. LIBOR + 3.000% 4.89% 3/11/22 (a)(b) 24,585 19,293 
Red Ventures LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.9008% 11/8/24 (a)(b) 24,875 25,161 
Sports Authority, Inc. Tranche B, term loan 3 month U.S. LIBOR + 6.000% 0% 11/16/17 (b)(d) 3,960 
TOTAL SUPER RETAIL  468,048 
Technology - 12.7%   
Aptean, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 9.500% 11.81% 12/20/23 (a)(b) 2,500 2,513 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.56% 12/20/22 (a)(b) 12,924 12,941 
ATS Consolidated, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.6369% 2/28/25 (a)(b) 11,890 11,974 
Cavium, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.1499% 8/16/22 (a)(b) 11,116 11,171 
Ceridian HCM Holding, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4/30/25 (a)(b)(c) 29,500 29,549 
Cologix Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.8983% 3/20/24 (a)(b) 6,450 6,446 
Computer Discount Warehouse (CDW) LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4.06% 8/17/23 (a)(b) 31,069 31,235 
Compuware Corp. Tranche B 3LN, term loan 3 month U.S. LIBOR + 3.500% 5.13% 12/15/21 (a)(b) 56,057 56,715 
Cvent, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6508% 11/29/24 (a)(b) 16,250 16,318 
Dell International LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.91% 9/7/23 (a)(b) 35,089 35,188 
DG Investment Intermediate Holdings, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 1/26/25 (a)(b)(e) 1,309 1,308 
Digicert Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6508% 10/31/24 (a)(b) 60,575 60,708 
EIG Investors Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.9563% 2/9/23 (a)(b) 38,595 38,857 
Electro Rent Corp. Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.9842% 1/31/24 (a)(b) 9,589 9,685 
Epicor Software Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.16% 6/1/22 (a)(b) 32,998 33,158 
EPV Merger Sub, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.1508% 3/8/26 (a)(b) 2,250 2,253 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1452% 3/8/25 (a)(b) 12,192 12,208 
EXC Holdings III Corp. Tranche B, term loan:   
3 month U.S. LIBOR + 3.500% 5.1605% 12/2/24 (a)(b) 9,257 9,292 
3 month U.S. LIBOR + 7.500% 9.1605% 12/1/25 (a)(b) 2,000 2,035 
First Data Corp. Tranche B, term loan:   
3 month U.S. LIBOR + 2.250% 4.147% 7/10/22 (a)(b) 111,376 111,766 
3 month U.S. LIBOR + 2.250% 4.147% 4/26/24 (a)(b) 19,192 19,257 
Global Payments, Inc. Tranche B 3LN, term loan 3 month U.S. LIBOR + 1.750% 3.6508% 4/22/23 (a)(b) 19,693 19,824 
Go Daddy Operating Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 2/15/24 (a)(b) 35,350 35,505 
Hyland Software, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.1406% 7/1/22 (a)(b) 10,575 10,661 
Infor U.S., Inc. Tranche B 6LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 2/1/22 (a)(b) 25,645 25,747 
Kronos, Inc.:   
2LN, term loan 3 month U.S. LIBOR + 8.250% 10.0234% 11/1/24 (a)(b) 30,000 31,041 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.8796% 11/1/23 (a)(b) 49,243 49,659 
Landesk Group, Inc. term loan:   
3 month U.S. LIBOR + 4.250% 6.16% 1/20/24 (a)(b) 34,418 33,876 
3 month U.S. LIBOR + 9.000% 10.91% 1/20/25 (a)(b) 5,000 4,731 
Leidos Innovations Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.6875% 8/16/23 (a)(b) 13,703 13,806 
Lux FinCo U.S. SPV Tranche B 3LN, term loan 3 month U.S. LIBOR + 3.500% 5.3971% 10/16/22 (a)(b) 10,649 10,636 
MA FinanceCo. LLC:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 11/20/21 (a)(b) 3,631 3,625 
Tranche B 3LN, term loan:   
3 month U.S. LIBOR + 2.750% 4.6508% 6/21/24 (a)(b) 73,473 73,216 
3 month U.S. LIBOR + 2.750% 4.6508% 6/21/24 (a)(b) 10,694 10,656 
Marketo, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 5.0435% 2/7/25 (a)(b) 12,000 11,959 
Mcafee LLC Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 6.4008% 9/29/24 (a)(b) 55,437 56,121 
3 month U.S. LIBOR + 8.500% 10.4008% 9/29/25 (a)(b) 13,250 13,427 
MH Sub I LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.6469% 9/15/24 (a)(b) 15,423 15,416 
Micron Technology, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.66% 4/26/22 (a)(b) 1,870 1,883 
Microsemi Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8983% 1/15/23 (a)(b) 9,708 9,722 
Mitchell International, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.250% 11/20/24 (a)(b)(e) 1,374 1,373 
3 month U.S. LIBOR + 3.250% 5.1508% 12/1/24 (a)(b) 17,041 17,030 
3 month U.S. LIBOR + 7.250% 9.1508% 12/1/25 (a)(b) 5,000 5,005 
Rackspace Hosting, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.787% 11/3/23 (a)(b) 41,652 41,531 
Renaissance Learning, Inc.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 3.750% 6.052% 4/9/21 (a)(b) 14,456 14,533 
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.302% 4/9/22 (a)(b) 19,080 19,120 
Solera LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.6508% 3/3/23 (a)(b) 32,394 32,499 
Sophia L.P. term loan 3 month U.S. LIBOR + 3.250% 5.552% 9/30/22 (a)(b) 26,080 26,197 
SS&C Technologies, Inc.:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 7/8/22 (a)(b) 13,259 13,364 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 7/8/22 (a)(b) 94 94 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 3/9/25 (a)(b) 53,299 53,632 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 3/9/25 (a)(b) 19,720 19,843 
Sybil Software LLC. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 5.052% 9/30/23 (a)(b) 36,925 37,099 
Syniverse Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.8952% 3/9/23 (a)(b) 32,750 33,087 
Tempo Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 5/1/24 (a)(b) 41,576 41,801 
TIBCO Software, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.41% 12/4/20 (a)(b) 11,178 11,237 
Travelclick, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4008% 5/12/21 (a)(b) 9,682 9,674 
TTM Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 2.500% 9/28/24 (a)(b)(c) 15,000 15,084 
3 month U.S. LIBOR + 2.500% 4.3769% 9/28/24 (a)(b) 14,925 15,009 
Uber Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 4.000% 5.89% 4/4/25 (a)(b) 35,500 35,796 
3 month U.S. LIBOR + 4.000% 5.9008% 7/13/23 (a)(b) 15,188 15,283 
Vantiv LLC:   
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.000% 3.8956% 10/14/23 (a)(b) 12,656 12,730 
Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8956% 8/7/24 (a)(b) 20,000 20,122 
WEX, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 7/1/23 (a)(b) 21,072 21,198 
TOTAL TECHNOLOGY  1,458,429 
Telecommunications - 7.4%   
Altice Financing SA Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 5.0977% 7/15/25 (a)(b) 10,890 10,773 
3 month U.S. LIBOR + 2.750% 5.0977% 1/31/26 (a)(b) 9,950 9,809 
Digicel International Finance Ltd. Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.61% 5/25/24 (a)(b) 35,765 35,691 
Evo Payments International LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.000% 5.9% 12/22/23 (a)(b) 21,815 22,060 
Frontier Communications Corp.:   
Tranche A, term loan 3 month U.S. LIBOR + 2.750% 4.66% 3/31/21 (a)(b) 51,739 50,846 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.66% 6/15/24 (a)(b) 86,872 85,759 
GTT Communications, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 4/26/25 (a)(b)(c) 26,500 26,268 
3 month U.S. LIBOR + 3.250% 5.1875% 1/9/24 (a)(b) 6,932 6,926 
Intelsat Jackson Holdings SA:   
Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.7063% 11/27/23 (a)(b) 157,495 158,431 
Tranche B-4, term loan 3 month U.S. LIBOR + 4.500% 6.4563% 1/2/24 (a)(b) 19,000 19,665 
Tranche B-5, term loan 6.625% 1/2/24 33,000 33,561 
Level 3 Financing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1483% 2/22/24 (a)(b) 74,195 74,504 
Neptune Finco Corp. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1469% 7/17/25 (a)(b) 26,019 25,928 
Neustar, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 8.000% 10.302% 8/8/25 (a)(b) 5,460 5,440 
Tranche B 3LN, term loan 3 month U.S. LIBOR + 2.500% 4.802% 1/8/20 (a)(b) 2,606 2,613 
Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.500% 5.3769% 8/8/24 (a)(b) 22,900 22,941 
Onvoy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.802% 2/10/24 (a)(b) 19,864 19,169 
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 2/1/24 (a)(b) 41,878 41,414 
Sable International Finance Ltd. Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 2/2/26 (a)(b) 56,000 56,350 
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 4/11/25 (a)(b)(c) 42,330 42,430 
Securus Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 6.4008% 11/1/24 (a)(b) 30,673 31,057 
3 month U.S. LIBOR + 8.250% 10.1508% 11/1/25 (a)(b) 10,250 10,344 
SFR Group SA Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 7/31/25 (a)(b) 48,602 47,743 
Windstream Services LLC Tranche B 7LN, term loan 3 month U.S. LIBOR + 3.250% 5.15% 2/17/24 (a)(b) 14,585 12,822 
TOTAL TELECOMMUNICATIONS  852,544 
Textiles/Apparel - 0.1%   
ABB Optical Group LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.9114% 6/15/23 (a)(b) 8,695 8,728 
Transportation Ex Air/Rail - 0.3%   
International Seaways Operating Corp. Tranche B, term loan 3 month U.S. LIBOR + 5.500% 7.41% 6/22/22 (a)(b) 29,647 29,388 
Navios Maritime Partners LP Tranche B, term loan 3 month U.S. LIBOR + 5.000% 7.08% 9/14/20 (a)(b) 11,044 11,113 
TOTAL TRANSPORTATION EX AIR/RAIL  40,501 
Utilities - 2.1%   
Dynegy, Inc. Tranche C-2, term loan 3 month U.S. LIBOR + 2.750% 4.3983% 2/7/24 (a)(b) 50,824 51,136 
Exgen Renewables Iv LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.99% 11/28/24 (a)(b) 17,207 17,325 
Houston Fuel Oil Terminal Co. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.8% 8/19/21 (a)(b) 28,653 28,921 
Limetree Bay Terminals LLC term loan 3 month U.S. LIBOR + 4.000% 5.8983% 2/15/24 (a)(b) 20,830 20,788 
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 8.052% 12/19/20 (a)(b) 15,933 15,508 
Pike Corp. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.41% 3/23/25 (a)(b) 11,538 11,677 
Tex Operations Co. LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 8/4/23 (a)(b) 40,607 40,874 
Tranche C, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 8/4/23 (a)(b) 7,214 7,262 
Vertiv Group Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.8869% 11/30/23 (a)(b) 22,546 22,508 
Vistra Operations Co. LLC Tranche B 2LN, term loan 3 month U.S. LIBOR + 2.250% 4.1468% 12/14/23 (a)(b) 22,466 22,606 
TOTAL UTILITIES  238,605 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $9,928,379)  9,944,580 
Nonconvertible Bonds - 5.0%   
Aerospace - 0.1%   
DAE Funding LLC 4% 8/1/20 (g) 6,495 6,446 
Building Materials - 0.1%   
CEMEX S.A.B. de CV 3 month U.S. LIBOR + 4.750% 7.0977% 10/15/18 (a)(b)(g) 10,000 10,091 
Cable/Satellite TV - 0.3%   
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 17,065 17,145 
5.25% 3/15/21 13,070 13,217 
Virgin Media Finance PLC 4.875% 2/15/22 2,000 1,900 
TOTAL CABLE/SATELLITE TV  32,262 
Chemicals - 0.2%   
Nufarm Australia Ltd. 6.375% 10/15/19 (g) 5,000 5,081 
OCI NV 6.625% 4/15/23 (g) 5,005 5,075 
TPC Group, Inc. 8.75% 12/15/20 (g) 18,095 18,005 
TOTAL CHEMICALS  28,161 
Containers - 0.6%   
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.25% 9/15/22 (g) 15,000 14,906 
6% 2/15/25 (g) 10,000 10,113 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
3 month U.S. LIBOR + 3.500% 5.8477% 7/15/21 (a)(b)(g) 15,130 15,338 
5.75% 10/15/20 32,296 32,528 
TOTAL CONTAINERS  72,885 
Diversified Financial Services - 0.1%   
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.25% 2/1/22 5,200 5,304 
International Lease Finance Corp. 6.25% 5/15/19 10,000 10,328 
TOTAL DIVERSIFIED FINANCIAL SERVICES  15,632 
Energy - 0.6%   
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 11,455 11,169 
7% 6/30/24 7,000 7,648 
Chesapeake Energy Corp.:   
3 month U.S. LIBOR + 3.250% 5.5977% 4/15/19 (a)(b) 7,080 7,062 
8% 12/15/22 (g) 8,195 8,687 
Citgo Petroleum Corp. 6.25% 8/15/22 (g) 10,000 10,000 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 5.8745% 6/15/22 (a)(b)(g) 7,500 7,481 
6.875% 6/15/25 (g) 5,500 5,720 
Denbury Resources, Inc.:   
9% 5/15/21 (g) 3,645 3,809 
9.25% 3/31/22 (g) 7,290 7,582 
TOTAL ENERGY  69,158 
Entertainment/Film - 0.0%   
Cinemark U.S.A., Inc. 5.125% 12/15/22 3,185 3,241 
Gaming - 0.2%   
Gateway Casinos & Entertainment Ltd. 8.25% 3/1/24 (g) 5,000 5,306 
Scientific Games Corp. 5% 10/15/25 (g) 5,000 4,830 
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) 7,363 7,059 
TOTAL GAMING  17,195 
Healthcare - 1.0%   
Community Health Systems, Inc. 6.25% 3/31/23 21,175 19,256 
DaVita HealthCare Partners, Inc. 5.75% 8/15/22 8,235 8,436 
HCA Holdings, Inc. 3.75% 3/15/19 25,000 25,063 
Tenet Healthcare Corp.:   
4.625% 7/15/24 (g) 28,000 27,087 
4.75% 6/1/20 8,680 8,723 
7.5% 1/1/22 (g) 5,085 5,358 
THC Escrow Corp. III 5.125% 5/1/25 (g) 7,500 7,313 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (g) 5,590 5,562 
9% 12/15/25 (g) 7,440 7,533 
TOTAL HEALTHCARE  114,331 
Insurance - 0.1%   
HUB International Ltd. 7% 5/1/26 (g) 6,000 6,015 
Leisure - 0.2%   
Studio City Co. Ltd.:   
5.875% 11/30/19 (g) 6,860 6,971 
7.25% 11/30/21 (g) 10,000 10,413 
TOTAL LEISURE  17,384 
Paper - 0.1%   
Xerium Technologies, Inc. 9.5% 8/15/21 9,500 9,904 
Publishing/Printing - 0.0%   
Cenveo Corp. 6% 8/1/19 (d)(g) 8,155 3,344 
Restaurants - 0.1%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 4.25% 5/15/24 (g) 8,000 7,610 
Services - 0.3%   
APX Group, Inc.:   
7.625% 9/1/23 12,325 11,555 
7.875% 12/1/22 11,215 11,271 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (g) 6,032 6,221 
TOTAL SERVICES  29,047 
Super Retail - 0.1%   
JC Penney Corp., Inc. 5.875% 7/1/23 (g) 6,385 6,144 
PetSmart, Inc. 5.875% 6/1/25 (g) 7,665 5,519 
TOTAL SUPER RETAIL  11,663 
Technology - 0.3%   
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:   
3.48% 6/1/19 (g) 6,199 6,213 
4.42% 6/15/21 (g) 16,685 16,994 
NXP BV/NXP Funding LLC 4.125% 6/1/21 (g) 16,440 16,481 
TOTAL TECHNOLOGY  39,688 
Telecommunications - 0.6%   
Altice Financing SA 7.5% 5/15/26 (g) 19,200 18,912 
Intelsat Jackson Holdings SA 8% 2/15/24 (g) 14,100 14,893 
SFR Group SA:   
6% 5/15/22 (g) 2,550 2,513 
6.25% 5/15/24 (g) 10,905 10,387 
7.375% 5/1/26 (g) 18,755 18,169 
Sprint Capital Corp. 6.9% 5/1/19 5,000 5,150 
Sprint Communications, Inc. 9% 11/15/18 (g) 3,000 3,084 
TOTAL TELECOMMUNICATIONS  73,108 
Textiles/Apparel - 0.0%   
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (g)(h) 4,365 4,474 
TOTAL NONCONVERTIBLE BONDS   
(Cost $581,975)  571,639 
 Shares Value (000s) 
Common Stocks - 0.8%   
Broadcasting - 0.0%   
Cumulus Media, Inc. Class A (i) 28,882 
ION Media Networks, Inc. (f)(i) 2,842 2,669 
TOTAL BROADCASTING  2,670 
Chemicals - 0.2%   
LyondellBasell Industries NV Class A 245,943 26,004 
Energy - 0.4%   
Expro Holdings U.S., Inc. (f) 1,477,422 28,810 
Expro Holdings U.S., Inc. (f)(g) 542,213 10,573 
TOTAL ENERGY  39,383 
Homebuilders/Real Estate - 0.0%   
Five Point Holdings LLC Class A (i) 45,793 609 
Metals/Mining - 0.1%   
Warrior Metropolitan Coal, Inc. 496,683 11,548 
Telecommunications - 0.0%   
Consolidated Communications Holdings, Inc. 25,029 283 
Utilities - 0.1%   
TexGen Power LLC (f) 524,336 14,681 
TOTAL COMMON STOCKS   
(Cost $151,533)  95,178 
Money Market Funds - 9.2%   
Fidelity Cash Central Fund, 1.74% (j)   
(Cost $1,050,280) 1,050,217,899 1,050,428 
TOTAL INVESTMENT IN SECURITIES - 101.6%   
(Cost $11,712,167)  11,661,825 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (184,834) 
NET ASSETS - 100%  $11,476,991 

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (c) The coupon rate will be determined upon settlement of the loan after period end.

 (d) Non-income producing - Security is in default.

 (e) Position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $3,487,000 and $3,497,000, respectively.

 (f) Level 3 security

 (g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $373,312,000 or 3.3% of net assets.

 (h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (i) Non-income producing

 (j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $6,725 
Total $6,725 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $2,670 $1 $-- $2,669 
Energy 39,383 -- -- 39,383 
Materials 37,552 37,552 -- -- 
Real Estate 609 609 -- -- 
Telecommunication Services 283 283 -- -- 
Utilities 14,681 -- -- 14,681 
Bank Loan Obligations 9,944,580 -- 9,931,307 13,273 
Corporate Bonds 571,639 -- 571,639 -- 
Money Market Funds 1,050,428 1,050,428 -- -- 
Total Investments in Securities: $11,661,825 $1,088,873 $10,502,946 $70,006 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 89.5% 
Luxembourg 4.6% 
Canada 1.4% 
Others (Individually Less Than 1%) 4.5% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $10,661,887) 
$10,611,397  
Fidelity Central Funds (cost $1,050,280) 1,050,428  
Total Investment in Securities (cost $11,712,167)  $11,661,825 
Cash  9,322 
Receivable for investments sold  75,472 
Receivable for fund shares sold  27,116 
Dividends receivable  39 
Interest receivable  60,729 
Distributions receivable from Fidelity Central Funds  1,566 
Prepaid expenses  
Total assets  11,836,075 
Liabilities   
Payable for investments purchased   
Regular delivery $328,777  
Delayed delivery 4,365  
Payable for fund shares redeemed 10,839  
Distributions payable 7,925  
Accrued management fee 5,239  
Distribution and service plan fees payable 545  
Other affiliated payables 1,318  
Other payables and accrued expenses 76  
Total liabilities  359,084 
Net Assets  $11,476,991 
Net Assets consist of:   
Paid in capital  $11,865,752 
Undistributed net investment income  29,944 
Accumulated undistributed net realized gain (loss) on investments  (368,363) 
Net unrealized appreciation (depreciation) on investments  (50,342) 
Net Assets  $11,476,991 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($580,821 ÷ 60,125 shares)  $9.66 
Maximum offering price per share (100/97.25 of $9.66)  $9.93 
Class M:   
Net Asset Value and redemption price per share ($99,570 ÷ 10,322 shares)  $9.65 
Maximum offering price per share (100/97.25 of $9.65)  $9.92 
Class C:   
Net Asset Value and offering price per share ($483,504 ÷ 50,063 shares)(a)  $9.66 
Fidelity Floating Rate High Income Fund:   
Net Asset Value, offering price and redemption price per share ($8,157,301 ÷ 845,543 shares)  $9.65 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,155,795 ÷ 223,645 shares)  $9.64 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2018 (Unaudited) 
Investment Income   
Dividends  $6,724 
Interest  256,867 
Income from Fidelity Central Funds  6,725 
Total income  270,316 
Expenses   
Management fee $30,350  
Transfer agent fees 6,990  
Distribution and service plan fees 3,340  
Accounting fees and expenses 805  
Custodian fees and expenses 53  
Independent trustees' fees and expenses 22  
Registration fees 170  
Audit 54  
Legal 23  
Miscellaneous 34  
Total expenses before reductions 41,841  
Expense reductions (85) 41,756 
Net investment income (loss)  228,560 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (6,396)  
Fidelity Central Funds  
Total net realized gain (loss)  (6,391) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 5,053  
Fidelity Central Funds (5)  
Total change in net unrealized appreciation (depreciation)  5,048 
Net gain (loss)  (1,343) 
Net increase (decrease) in net assets resulting from operations  $227,217 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2018 (Unaudited) Year ended October 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $228,560 $408,150 
Net realized gain (loss) (6,391) 15,537 
Change in net unrealized appreciation (depreciation) 5,048 41,407 
Net increase (decrease) in net assets resulting from operations 227,217 465,094 
Distributions to shareholders from net investment income (231,325) (394,075) 
Distributions to shareholders from net realized gain (4,432) – 
Total distributions (235,757) (394,075) 
Share transactions - net increase (decrease) 753,215 1,322,261 
Redemption fees 95 365 
Total increase (decrease) in net assets 744,770 1,393,645 
Net Assets   
Beginning of period 10,732,221 9,338,576 
End of period $11,476,991 $10,732,221 
Other Information   
Undistributed net investment income end of period $29,944 $32,709 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Floating Rate High Income Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.67 $9.60 $9.42 $9.85 $9.99 $9.94 
Income from Investment Operations       
Net investment income (loss)A .192 .360 .334 .375 .317 .310 
Net realized and unrealized gain (loss) (.003) .056 .211 (.425) (.114) .070 
Total from investment operations .189 .416 .545 (.050) .203 .380 
Distributions from net investment income (.195) (.346) (.365) (.341) (.307) (.282) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.199) (.346) (.365) (.381) (.343) (.331) 
Redemption fees added to paid in capitalA B B B .001 B .001 
Net asset value, end of period $9.66 $9.67 $9.60 $9.42 $9.85 $9.99 
Total ReturnC,D,E 1.97% 4.40% 5.98% (.53)% 2.05% 3.89% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .99%H .99% .99% .98% .98% .99% 
Expenses net of fee waivers, if any .99%H .98% .99% .98% .98% .99% 
Expenses net of all reductions .99%H .98% .98% .98% .98% .99% 
Net investment income (loss) 4.00%H 3.72% 3.58% 3.86% 3.17% 3.11% 
Supplemental Data       
Net assets, end of period (in millions) $581 $585 $707 $863 $1,185 $1,681 
Portfolio turnover rateI 59%H 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.65 $9.58 $9.40 $9.84 $9.98 $9.93 
Income from Investment Operations       
Net investment income (loss)A .192 .356 .324 .365 .306 .299 
Net realized and unrealized gain (loss) .006B .057 .212 (.434) (.112) .071 
Total from investment operations .198 .413 .536 (.069) .194 .370 
Distributions from net investment income (.194) (.343) (.356) (.332) (.298) (.272) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.198) (.343) (.356) (.372) (.334) (.321) 
Redemption fees added to paid in capitalA C C C .001 C .001 
Net asset value, end of period $9.65 $9.65 $9.58 $9.40 $9.84 $9.98 
Total ReturnD,E,F 2.07% 4.37% 5.89% (.72)% 1.96% 3.79% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.00%I 1.01% 1.08% 1.07% 1.07% 1.09% 
Expenses net of fee waivers, if any 1.00%I 1.01% 1.08% 1.07% 1.07% 1.09% 
Expenses net of all reductions .99%I 1.01% 1.08% 1.07% 1.07% 1.09% 
Net investment income (loss) 4.00%I 3.69% 3.48% 3.77% 3.08% 3.01% 
Supplemental Data       
Net assets, end of period (in millions) $100 $137 $171 $195 $240 $272 
Portfolio turnover rateJ 59%I 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 C Amount represents less than $.0005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.67 $9.59 $9.41 $9.85 $9.99 $9.94 
Income from Investment Operations       
Net investment income (loss)A .156 .286 .263 .301 .241 .235 
Net realized and unrealized gain (loss) (.004) .067 .212 (.434) (.113) .070 
Total from investment operations .152 .353 .475 (.133) .128 .305 
Distributions from net investment income (.158) (.273) (.295) (.268) (.232) (.207) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.162) (.273) (.295) (.308) (.268) (.256) 
Redemption fees added to paid in capitalA B B B .001 B .001 
Net asset value, end of period $9.66 $9.67 $9.59 $9.41 $9.85 $9.99 
Total ReturnC,D,E 1.59% 3.73% 5.19% (1.38)% 1.29% 3.11% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.75%H 1.74% 1.74% 1.73% 1.73% 1.74% 
Expenses net of fee waivers, if any 1.75%H 1.74% 1.74% 1.73% 1.73% 1.74% 
Expenses net of all reductions 1.75%H 1.74% 1.74% 1.73% 1.73% 1.74% 
Net investment income (loss) 3.25%H 2.96% 2.82% 3.10% 2.41% 2.35% 
Supplemental Data       
Net assets, end of period (in millions) $484 $523 $582 $671 $835 $960 
Portfolio turnover rateI 59%H 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.65 $9.58 $9.40 $9.84 $9.98 $9.93 
Income from Investment Operations       
Net investment income (loss)A .205 .386 .359 .401 .344 .337 
Net realized and unrealized gain (loss) .007B .057 .212 (.435) (.113) .071 
Total from investment operations .212 .443 .571 (.034) .231 .408 
Distributions from net investment income (.208) (.373) (.391) (.367) (.335) (.310) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.212) (.373) (.391) (.407) (.371) (.359) 
Redemption fees added to paid in capitalA C C C .001 C .001 
Net asset value, end of period $9.65 $9.65 $9.58 $9.40 $9.84 $9.98 
Total ReturnD,E 2.22% 4.70% 6.28% (.36)% 2.34% 4.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .69%H .70% .71% .70% .69% .70% 
Expenses net of fee waivers, if any .69%H .69% .71% .70% .69% .70% 
Expenses net of all reductions .69%H .69% .71% .70% .69% .70% 
Net investment income (loss) 4.30%H 4.01% 3.86% 4.14% 3.45% 3.39% 
Supplemental Data       
Net assets, end of period (in millions) $8,157 $7,368 $6,131 $6,615 $9,032 $8,882 
Portfolio turnover rateI 59%H 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 C Amount represents less than $.0005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Floating Rate High Income Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $9.65 $9.58 $9.40 $9.83 $9.97 $9.92 
Income from Investment Operations       
Net investment income (loss)A .202 .380 .355 .396 .339 .332 
Net realized and unrealized gain (loss) (.003) .058 .211 (.424) (.113) .071 
Total from investment operations .199 .438 .566 (.028) .226 .403 
Distributions from net investment income (.205) (.368) (.386) (.363) (.330) (.305) 
Distributions from net realized gain (.004) – – (.040) (.036) (.049) 
Total distributions (.209) (.368) (.386) (.403) (.366) (.354) 
Redemption fees added to paid in capitalA B B B .001 B .001 
Net asset value, end of period $9.64 $9.65 $9.58 $9.40 $9.83 $9.97 
Total ReturnC,D 2.08% 4.64% 6.23% (.30)% 2.29% 4.15% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .76%G .75% .75% .74% .74% .75% 
Expenses net of fee waivers, if any .76%G .75% .75% .74% .74% .75% 
Expenses net of all reductions .76%G .75% .75% .74% .74% .75% 
Net investment income (loss) 4.23%G 3.95% 3.81% 4.10% 3.40% 3.34% 
Supplemental Data       
Net assets, end of period (in millions) $2,156 $2,120 $1,748 $2,429 $3,317 $3,646 
Portfolio turnover rateH 59%G 68% 46% 26% 54% 62% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor Floating Rate High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Floating Rate High Income Fund and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2018, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to defaulted bonds, market discount, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes as follows:

Gross unrealized appreciation $140,157 
Gross unrealized depreciation (177,107) 
Net unrealized appreciation (depreciation) $(36,950) 
Tax cost $11,698,775 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(15,767) 
Long-term (340,963) 
Total capital loss carryforward $(356,730) 

Short-Term Trading (Redemption) Fees. During the period, shares held by investors in the Fund less than 60 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Delayed Delivery Transactions and When-Issued Securities. During the period, the transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund also invests in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Fund's Schedule of Investments.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchase and Sales of Investments.

Purchases and sales of securities (including principal repayments of bank loan obligations), other than short-term securities, aggregated $3,347,494 and $3,035,667, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $717 $40 
Class M -% .25% 127 
Class C .75% .25% 2,496 184 
   $3,340 $226 

Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $22 
Class M 
Class C(a) 15 
 $40 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $442 .16 
Class M 82 .16 
Class C 389 .16 
Fidelity Floating Rate High Income Fund 4,193 .11 
Class I 1,884 .18 
 $6,990  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC),an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .01%.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $20.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $15 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $53.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $32.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2018 
Year ended
October 31, 2017 
From net investment income   
Class A $11,545 $23,794 
Class M 2,044 5,475 
Class C 8,192 16,016 
Fidelity Floating Rate High Income Fund 163,971 271,385 
Class I 45,573 77,405 
Total $231,325 $394,075 
From net realized gain   
Class A $237 $– 
Class M 41 – 
Class C 212 – 
Fidelity Floating Rate High Income Fund 3,058 – 
Class I 884 – 
Total $4,432 $– 

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2018 Year ended October 31, 2017 Six months ended April 30, 2018 Year ended October 31, 2017 
Class A     
Shares sold 7,665 22,327 $74,066 $215,427 
Reinvestment of distributions 1,154 2,289 11,138 22,112 
Shares redeemed (9,163) (37,818) (88,470) (365,948) 
Net increase (decrease) (344) (13,202) $(3,266) $(128,409) 
Class M     
Shares sold 1,005 1,925 $9,692 $18,561 
Reinvestment of distributions 211 550 2,039 5,301 
Shares redeemed (5,137) (6,051) (49,487) (58,381) 
Net increase (decrease) (3,921) (3,576) $(37,756) $(34,519) 
Class C     
Shares sold 2,753 7,187 $26,588 $69,348 
Reinvestment of distributions 770 1,402 7,436 13,539 
Shares redeemed (7,521) (15,197) (72,608) (146,725) 
Net increase (decrease) (3,998) (6,608) $(38,584) $(63,838) 
Fidelity Floating Rate High Income Fund     
Shares sold 156,620 256,065 $1,510,613 $2,468,886 
Reinvestment of distributions 13,974 22,910 134,751 221,002 
Shares redeemed (88,168) (155,638) (850,220) (1,500,477) 
Net increase (decrease) 82,426 123,337 $795,144 $1,189,411 
Class I     
Shares sold 37,337 102,139 $359,801 $985,030 
Reinvestment of distributions 3,462 5,949 33,353 57,337 
Shares redeemed (36,900) (70,851) (355,477) (682,751) 
Net increase (decrease) 3,899 37,237 $37,677 $359,616 

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2017 
Ending
Account Value
April 30, 2018 
Expenses Paid
During Period-B
November 1, 2017
to April 30, 2018 
Class A .99%    
Actual  $1,000.00 $1,019.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.89 $4.96 
Class M 1.00%    
Actual  $1,000.00 $1,020.70 $5.01 
Hypothetical-C  $1,000.00 $1,019.84 $5.01 
Class C 1.75%    
Actual  $1,000.00 $1,015.90 $8.75 
Hypothetical-C  $1,000.00 $1,016.12 $8.75 
Fidelity Floating Rate High Income Fund .69%    
Actual  $1,000.00 $1,022.20 $3.46 
Hypothetical-C  $1,000.00 $1,021.37 $3.46 
Class I .76%    
Actual  $1,000.00 $1,020.80 $3.81 
Hypothetical-C  $1,000.00 $1,021.03 $3.81 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

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FHI-SANN-0618
1.784920.115


Fidelity Advisor® High Income Advantage Fund
Class A, Class M, Class C and Class I



Semi-Annual Report

April 30, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2018

(by issuer, excluding cash equivalents) % of fund's net assets 
Valeant Pharmaceuticals International, Inc. 2.5 
APX Group, Inc. 2.4 
Tenet Healthcare Corp. 2.4 
Chesapeake Energy Corp. 2.1 
Ally Financial, Inc. 2.0 
 11.4 

Top Five Market Sectors as of April 30, 2018

 % of fund's net assets 
Energy 14.4 
Healthcare 9.7 
Telecommunications 7.9 
Technology 7.0 
Cable/Satellite TV 6.1 

Quality Diversification (% of fund's net assets)

As of April 30, 2018 
   BBB 0.4% 
   BB 21.4% 
   33.6% 
   CCC,CC,C 18.1% 
   0.2% 
   Not Rated 2.4% 
   Equities 19.7% 
   Short-Term Investments and Net Other Assets 4.2% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of April 30, 2018* 
   Nonconvertible Bonds 68.0% 
   Convertible Bonds, Preferred Stocks 0.5% 
   Common Stocks 19.5% 
   Bank Loan Obligations 4.8% 
   Other Investments 3.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.2% 


 * Foreign investments – 21.0%


Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 68.3%   
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.3%   
Utilities - 0.3%   
SolarCity Corp. 1.625% 11/1/19 $5,800 $5,386 
Nonconvertible Bonds - 68.0%   
Aerospace - 0.3%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 655 659 
Bombardier, Inc. 7.5% 12/1/24 (a) 1,840 1,937 
DAE Funding LLC:   
4.5% 8/1/22 (a) 1,410 1,357 
5% 8/1/24 (a) 1,940 1,870 
  5,823 
Air Transportation - 0.0%   
Continental Airlines, Inc. pass-thru trust certificates 6.903% 4/19/22 280 292 
Automotive & Auto Parts - 0.3%   
Jaguar Land Rover PLC 4.5% 10/1/27 (a) 5,790 5,211 
Banks & Thrifts - 2.4%   
Ally Financial, Inc.:   
5.75% 11/20/25 2,310 2,382 
8% 12/31/18 6,859 7,065 
8% 11/1/31 3,105 3,757 
8% 11/1/31 18,362 22,314 
Royal Bank of Scotland Group PLC:   
5.125% 5/28/24 3,515 3,569 
6% 12/19/23 3,605 3,828 
Washington Mutual Bank 5.5% 1/15/13 (b)(c) 10,000 
  42,916 
Broadcasting - 0.2%   
Sirius XM Radio, Inc. 5% 8/1/27 (a) 3,200 3,050 
Building Materials - 0.3%   
BMC East LLC 5.5% 10/1/24 (a) 1,440 1,427 
Builders FirstSource, Inc. 5.625% 9/1/24 (a) 3,560 3,524 
HMAN Finance Sub Corp. 6.375% 7/15/22 (a) 900 871 
  5,822 
Cable/Satellite TV - 5.4%   
Altice SA:   
7.625% 2/15/25 (a) 12,590 11,347 
7.75% 5/15/22 (a) 10,575 10,099 
Altice U.S. Finance SA 7.75% 7/15/25 (a) 1,260 1,326 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
5.125% 2/15/23 2,550 2,562 
5.125% 5/1/27 (a) 16,845 15,783 
5.5% 5/1/26 (a) 2,940 2,863 
5.75% 1/15/24 5,335 5,385 
5.75% 2/15/26 (a) 1,770 1,757 
5.875% 5/1/27 (a) 5,245 5,127 
Cequel Communications Holdings I LLC/Cequel Capital Corp.:   
5.125% 12/15/21 (a) 3,685 3,648 
7.5% 4/1/28 (a) 4,535 4,597 
CSC Holdings LLC 5.375% 2/1/28 (a) 2,655 2,482 
CSC Holdings, Inc. 5.5% 4/15/27 (a) 9,215 8,845 
DISH DBS Corp.:   
5% 3/15/23 4,695 4,049 
5.875% 7/15/22 4,240 3,890 
Ziggo Bond Finance BV:   
5.875% 1/15/25 (a) 1,705 1,611 
6% 1/15/27 (a) 3,575 3,343 
Ziggo Secured Finance BV 5.5% 1/15/27 (a) 7,375 6,951 
  95,665 
Capital Goods - 0.0%   
Apergy Corp. 6.375% 5/1/26 (a)(d) 645 655 
Chemicals - 3.1%   
CF Industries Holdings, Inc.:   
4.95% 6/1/43 7,230 6,073 
5.15% 3/15/34 3,625 3,312 
5.375% 3/15/44 2,750 2,409 
LSB Industries, Inc. 9.625% 5/1/23 (a) 1,050 1,058 
Momentive Performance Materials, Inc. 3.88% 10/24/21 5,545 5,850 
MPM Escrow LLC/MPM Finance Escrow Corp. 8.875% 10/15/20 (b)(c) 4,120 
NOVA Chemicals Corp.:   
4.875% 6/1/24 (a) 2,140 2,076 
5.25% 6/1/27 (a) 2,170 2,089 
OCI NV 6.625% 4/15/23 (a) 6,545 6,637 
Olin Corp. 5% 2/1/30 1,555 1,481 
Platform Specialty Products Corp.:   
5.875% 12/1/25 (a) 1,930 1,882 
6.5% 2/1/22 (a) 5,550 5,689 
The Chemours Co. LLC:   
5.375% 5/15/27 835 827 
6.625% 5/15/23 1,495 1,572 
7% 5/15/25 975 1,049 
TPC Group, Inc. 8.75% 12/15/20 (a) 9,385 9,338 
Tronox Finance PLC 5.75% 10/1/25 (a) 870 846 
Tronox, Inc. 6.5% 4/15/26 (a) 3,655 3,637 
  55,825 
Consumer Products - 0.2%   
Coty, Inc. 6.5% 4/15/26 (a) 2,730 2,655 
Containers - 1.1%   
ARD Finance SA 7.125% 9/15/23 pay-in-kind (e) 1,690 1,728 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc. 7.25% 5/15/24 (a) 3,785 3,993 
Ball Corp. 4.875% 3/15/26 4,125 4,115 
Berry Global, Inc. 4.5% 2/15/26 (a) 4,575 4,369 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 1,210 1,119 
Plastipak Holdings, Inc. 6.25% 10/15/25 (a) 555 538 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
5.75% 10/15/20 2,384 2,401 
7% 7/15/24 (a) 1,025 1,067 
  19,330 
Diversified Financial Services - 3.2%   
Aircastle Ltd. 4.625% 12/15/18 1,625 1,637 
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) 3,415 3,432 
CIT Group, Inc.:   
4.125% 3/9/21 1,975 1,977 
5.25% 3/7/25 1,650 1,685 
5.375% 5/15/20 285 294 
Crown Americas LLC / Crown Americas Capital Corp. IV 4.75% 2/1/26 (a) 5,475 5,283 
Exela International LLC/Exela Financial, Inc. 10% 7/15/23 (a) 2,100 2,103 
FLY Leasing Ltd. 5.25% 10/15/24 1,495 1,446 
Grinding Media, Inc./MC Grinding Media Canada, Inc. 7.375% 12/15/23 (a) 1,315 1,389 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 5,683 5,747 
6.25% 2/1/22 3,525 3,596 
6.375% 12/15/25 5,050 5,069 
6.75% 2/1/24 1,810 1,855 
MSCI, Inc. 5.75% 8/15/25 (a) 1,345 1,403 
Navient Corp.:   
5.875% 10/25/24 3,375 3,308 
7.25% 9/25/23 1,775 1,855 
Orchestra Borrower LLC/Orchestra Co.-Issuer, Inc. 6.75% 6/15/22 (a) 1,240 1,286 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (a) 690 640 
6.875% 2/15/23 (a) 655 634 
SLM Corp.:   
5.5% 1/25/23 3,495 3,442 
6.125% 3/25/24 4,270 4,275 
8% 3/25/20 4,700 5,006 
  57,362 
Diversified Media - 0.8%   
Clear Channel Worldwide Holdings, Inc.:   
Series A, 7.625% 3/15/20 900 900 
7.625% 3/15/20 2,060 2,065 
E.W. Scripps Co. 5.125% 5/15/25 (a) 510 474 
Liberty Media Corp.:   
8.25% 2/1/30 469 504 
8.5% 7/15/29 529 570 
MDC Partners, Inc. 6.5% 5/1/24 (a) 4,038 3,972 
Nielsen Finance LLC/Nielsen Finance Co. 5% 4/15/22 (a) 1,220 1,229 
Viacom, Inc.:   
5.875% 2/28/57 (e) 1,755 1,773 
6.25% 2/28/57 (e) 2,380 2,413 
  13,900 
Energy - 12.1%   
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375% 9/15/24 820 816 
Antero Resources Corp.:   
5.125% 12/1/22 1,935 1,945 
5.625% 6/1/23 (Reg. S) 2,580 2,635 
Antero Resources Finance Corp. 5.375% 11/1/21 4,500 4,552 
Calfrac Holdings LP 7.5% 12/1/20 (a) 4,460 4,415 
California Resources Corp. 8% 12/15/22 (a) 13,005 11,184 
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 2,085 2,033 
5.875% 3/31/25 2,610 2,691 
Chesapeake Energy Corp.:   
3 month U.S. LIBOR + 3.250% 5.5977% 4/15/19 (e)(f) 2,250 2,244 
4.875% 4/15/22 5,580 5,357 
5.75% 3/15/23 1,890 1,744 
8% 12/15/22 (a) 3,301 3,499 
8% 1/15/25 (a) 10,435 10,117 
8% 6/15/27 (a) 14,705 14,154 
Citgo Holding, Inc. 10.75% 2/15/20 (a) 3,525 3,737 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 5.8745% 6/15/22 (a)(e)(f) 3,840 3,830 
6.875% 6/15/25 (a) 5,350 5,564 
Continental Resources, Inc. 4.375% 1/15/28 (a) 2,260 2,220 
Covey Park Energy LLC 7.5% 5/15/25 (a) 880 884 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.25% 4/1/23 1,775 1,808 
DCP Midstream LLC 5.85% 5/21/43 (a)(e) 1,210 1,150 
Denbury Resources, Inc.:   
4.625% 7/15/23 4,625 3,769 
5.5% 5/1/22 2,050 1,789 
6.375% 8/15/21 770 697 
Drax Finco PLC 6.625% 11/1/25 (a) 1,665 1,673 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 800 804 
5.75% 1/30/28 (a) 805 809 
Ensco PLC:   
4.5% 10/1/24 3,930 3,198 
5.2% 3/15/25 760 624 
7.75% 2/1/26 2,045 1,922 
EP Energy LLC/Everest Acquisition Finance, Inc. 8% 11/29/24 (a) 1,170 1,211 
Exterran Partners LP/EXLP Finance Corp.:   
6% 4/1/21 495 494 
6% 10/1/22 3,870 3,870 
FTS International, Inc. 6.25% 5/1/22 5,060 5,092 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 2,390 2,414 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 2,085 2,028 
5.75% 10/1/25 (a) 8,820 8,732 
Indigo Natural Resources LLC 6.875% 2/15/26 (a) 2,120 2,035 
Jonah Energy LLC 7.25% 10/15/25 (a) 2,590 2,072 
MEG Energy Corp.:   
6.375% 1/30/23 (a) 940 846 
7% 3/31/24 (a) 755 676 
NextEra Energy Partners LP:   
4.25% 9/15/24 (a) 1,265 1,221 
4.5% 9/15/27 (a) 880 821 
NGPL PipeCo LLC:   
4.375% 8/15/22 (a) 485 483 
4.875% 8/15/27 (a) 485 472 
Noble Holding International Ltd.:   
6.05% 3/1/41 95 66 
6.2% 8/1/40 2,660 1,875 
7.75% 1/15/24 4,080 3,825 
7.875% 2/1/26 (a) 1,795 1,808 
Oasis Petroleum, Inc. 6.875% 3/15/22 905 932 
Pacific Drilling V Ltd. 7.25% 12/1/17 (a)(b) 9,330 4,665 
Parsley Energy LLC/Parsley:   
5.625% 10/15/27 (a) 925 937 
6.25% 6/1/24 (a) 4,520 4,723 
PBF Holding Co. LLC/PBF Finance Corp.:   
7% 11/15/23 1,795 1,853 
7.25% 6/15/25 2,125 2,205 
PBF Logistics LP/PBF Logistics Finance, Inc. 6.875% 5/15/23 (a) 3,315 3,348 
Peabody Securities Finance Corp.:   
6% 3/31/22 (a) 610 627 
6.375% 3/31/25 (a) 755 787 
Pride International, Inc. 7.875% 8/15/40 2,715 2,369 
Rose Rock Midstream LP/Rose Rock Finance Corp. 5.625% 7/15/22 1,125 1,088 
Sanchez Energy Corp. 7.25% 2/15/23 (a) 2,740 2,767 
SemGroup Corp. 7.25% 3/15/26 4,510 4,476 
SESI LLC 7.75% 9/15/24 (a) 1,160 1,201 
SM Energy Co.:   
5% 1/15/24 1,730 1,648 
5.625% 6/1/25 2,565 2,488 
6.125% 11/15/22 2,625 2,651 
6.5% 11/15/21 800 812 
6.5% 1/1/23 95 95 
6.75% 9/15/26 845 860 
Southwestern Energy Co.:   
7.5% 4/1/26 1,730 1,778 
7.75% 10/1/27 1,285 1,324 
Src Energy, Inc. 6.25% 12/1/25 (a) 1,150 1,162 
Summit Midstream Holdings LLC:   
5.5% 8/15/22 1,520 1,474 
5.75% 4/15/25 1,435 1,369 
Sunoco LP/Sunoco Finance Corp.:   
4.875% 1/15/23 (a) 2,080 2,048 
5.5% 2/15/26 (a) 1,770 1,708 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
5.125% 2/1/25 1,070 1,038 
5.375% 2/1/27 1,070 1,027 
5.875% 4/15/26 (a) 1,370 1,363 
Teine Energy Ltd. 6.875% 9/30/22 (a) 4,916 5,027 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 965 922 
5% 1/31/28 (a) 965 903 
6.625% 6/15/25 (a)(e) 1,480 1,580 
Tesoro Logistics LP/Tesoro Logistics Finance Corp. 6.375% 5/1/24 1,310 1,395 
U.S.A. Compression Partners LP 6.875% 4/1/26 (a) 655 668 
Ultra Resources, Inc.:   
6.875% 4/15/22 (a) 1,725 1,268 
7.125% 4/15/25 (a) 1,295 864 
Weatherford International, Inc. 9.875% 3/1/25 (a) 4,435 4,235 
WPX Energy, Inc. 8.25% 8/1/23 1,645 1,867 
  215,457 
Entertainment/Film - 0.7%   
AMC Entertainment Holdings, Inc. 6.125% 5/15/27 1,405 1,359 
Livent, Inc. 9.375% 10/15/04 (b)(c) 11,100 
NAI Entertainment Holdings LLC/NAI Entertainment Finance Corp. 5% 8/1/18 (a) 1,425 1,425 
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(e) 9,050 8,959 
  11,743 
Environmental - 0.6%   
Covanta Holding Corp.:   
5.875% 3/1/24 4,680 4,610 
6.375% 10/1/22 4,000 4,085 
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 1,455 1,484 
Waste Pro U.S.A., Inc. 5.5% 2/15/26 (a) 655 648 
  10,827 
Food & Drug Retail - 1.0%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
5.75% 3/15/25 2,420 2,108 
6.625% 6/15/24 930 867 
Albertsons, Inc.:   
6.625% 6/1/28 2,415 1,854 
7.45% 8/1/29 220 178 
BI-LO LLC/BI-LO Finance Corp.:   
9.25% 2/15/19 (a)(b) 2,606 2,609 
9.375% 9/15/18 pay-in-kind (a)(b)(e) 3,014 1,763 
Rite Aid Corp.:   
6.875% 12/15/28 (a)(e) 5,785 4,744 
7.7% 2/15/27 2,715 2,362 
Tops Holding LLC/Tops Markets II Corp. 8% 6/15/22 (a)(b) 4,395 2,066 
  18,551 
Food/Beverage/Tobacco - 2.1%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 1,290 1,219 
Darling International, Inc. 5.375% 1/15/22 1,280 1,306 
ESAL GmbH 6.25% 2/5/23 (a) 3,315 3,158 
JBS Investments GmbH:   
7.25% 4/3/24 (a) 3,690 3,638 
7.75% 10/28/20 (a) 4,850 4,929 
JBS U.S.A. LLC/JBS U.S.A. Finance, Inc.:   
5.75% 6/15/25 (a) 3,150 2,960 
5.875% 7/15/24 (a) 2,585 2,507 
6.75% 2/15/28 (a) 4,025 3,864 
Pilgrim's Pride Corp.:   
5.75% 3/15/25 (a) 625 611 
5.875% 9/30/27 (a) 1,110 1,060 
Post Holdings, Inc.:   
5.625% 1/15/28 (a) 2,640 2,521 
5.75% 3/1/27 (a) 4,735 4,622 
Vector Group Ltd. 6.125% 2/1/25 (a) 4,850 4,812 
  37,207 
Gaming - 1.4%   
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) 5,530 5,281 
Eldorado Resorts, Inc. 6% 4/1/25 1,970 1,953 
MGM Mirage, Inc. 8.625% 2/1/19 5,000 5,180 
Penn National Gaming, Inc. 5.625% 1/15/27 (a) 415 397 
Scientific Games Corp.:   
5% 10/15/25 (a) 550 531 
10% 12/1/22 5,980 6,445 
Station Casinos LLC 5% 10/1/25 (a) 2,400 2,298 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 1,390 1,362 
5.5% 10/1/27 (a) 1,710 1,659 
  25,106 
Healthcare - 7.8%   
Catalent Pharma Solutions 4.875% 1/15/26 (a) 625 609 
Charles River Laboratories International, Inc. 5.5% 4/1/26 (a) 1,280 1,302 
Community Health Systems, Inc.:   
5.125% 8/1/21 2,535 2,332 
6.25% 3/31/23 12,855 11,690 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 3,020 2,982 
HCA Holdings, Inc.:   
5.375% 2/1/25 4,375 4,353 
5.875% 2/15/26 2,290 2,319 
7.5% 2/15/22 5,095 5,605 
HealthSouth Corp.:   
5.75% 11/1/24 1,570 1,597 
5.75% 9/15/25 400 409 
Hologic, Inc.:   
4.375% 10/15/25 (a) 1,860 1,790 
4.625% 2/1/28 (a) 645 616 
IMS Health, Inc. 5% 10/15/26 (a) 1,125 1,110 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 4,525 4,287 
5.25% 8/1/26 1,890 1,838 
Teleflex, Inc. 4.625% 11/15/27 765 733 
Tenet Healthcare Corp.:   
4.375% 10/1/21 3,350 3,300 
4.625% 7/15/24 (a) 5,035 4,871 
6.75% 2/1/20 1,800 1,854 
6.75% 6/15/23 17,610 17,313 
7.5% 1/1/22 (a) 1,220 1,286 
8.125% 4/1/22 8,975 9,345 
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/28 (a) 3,975 3,922 
THC Escrow Corp. III 5.125% 5/1/25 (a) 6,430 6,269 
Valeant Pharmaceuticals International, Inc.:   
5.5% 3/1/23 (a) 4,720 4,260 
5.875% 5/15/23 (a) 20,325 18,585 
6.125% 4/15/25 (a) 5,110 4,609 
7% 3/15/24 (a) 3,215 3,391 
7.25% 7/15/22 (a) 315 318 
7.5% 7/15/21 (a) 4,510 4,583 
9% 12/15/25 (a) 2,040 2,066 
9.25% 4/1/26 (a) 6,050 6,171 
Vizient, Inc. 10.375% 3/1/24 (a) 2,275 2,520 
Wellcare Health Plans, Inc. 5.25% 4/1/25 1,570 1,578 
  139,813 
Homebuilders/Real Estate - 0.8%   
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (a) 1,290 1,313 
Brookfield Residential Properties, Inc.:   
6.375% 5/15/25 (a) 470 476 
6.5% 12/15/20 (a) 1,840 1,863 
Pisces Midco, Inc. 8% 4/15/26 (a) 4,550 4,567 
Shea Homes Ltd. Partnership/Corp.:   
5.875% 4/1/23 (a) 1,570 1,584 
6.125% 4/1/25 (a) 1,150 1,157 
West Street Merger Sub, Inc. 6.375% 9/1/25 (a) 2,105 2,068 
William Lyon Homes, Inc. 5.875% 1/31/25 1,260 1,227 
  14,255 
Hotels - 0.4%   
Hilton Domestic Operating Co., Inc. 5.125% 5/1/26 (a) 4,570 4,570 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 2,730 2,757 
  7,327 
Insurance - 0.6%   
Acrisure LLC 7% 11/15/25 (a) 2,770 2,618 
Alliant Holdings Co.-Issuer, Inc./Wayne Merger Sub LLC 8.25% 8/1/23 (a) 570 591 
Hockey Merger Sub 2, Inc. 7.875% 10/1/21 (a) 2,765 2,881 
Hub Holdings LLC/Hub Holdings Finance, Inc. 8.125% 7/15/19 pay-in-kind (a)(e) 1,220 1,224 
HUB International Ltd. 7% 5/1/26 (a) 1,750 1,754 
USIS Merger Sub, Inc. 6.875% 5/1/25 (a) 2,355 2,373 
  11,441 
Leisure - 0.8%   
Mattel, Inc. 6.75% 12/31/25 (a) 7,015 6,830 
NVA Holdings, Inc. 6.875% 4/1/26 (a) 975 982 
Studio City Co. Ltd.:   
5.875% 11/30/19 (a) 1,400 1,423 
7.25% 11/30/21 (a) 3,645 3,795 
Voc Escrow Ltd. 5% 2/15/28 (a) 1,625 1,572 
  14,602 
Metals/Mining - 1.3%   
Alpha Natural Resources, Inc. 9.75% 4/15/18 (b)(c) 1,770 
Bluescope Steel Ltd./Bluescope Steel Finance 6.5% 5/15/21 (a) 650 671 
Constellium NV 5.875% 2/15/26 (a) 780 768 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (a) 2,020 1,919 
6.875% 3/1/26 (a) 2,020 1,919 
7% 2/15/21 (a) 2,665 2,680 
7.5% 4/1/25 (a) 3,220 3,184 
FMG Resources (August 2006) Pty Ltd.:   
4.75% 5/15/22 (a) 1,330 1,319 
5.125% 3/15/23 (a) 1,920 1,910 
Freeport-McMoRan, Inc. 6.875% 2/15/23 7,290 7,819 
Joseph T Ryerson & Son, Inc. 11% 5/15/22 (a) 1,200 1,329 
Murray Energy Corp. 11.25% 4/15/21 (a) 1,145 498 
  24,016 
Paper - 0.1%   
Flex Acquisition Co., Inc. 6.875% 1/15/25 (a) 940 945 
Publishing/Printing - 0.8%   
Cengage Learning, Inc. 9.5% 6/15/24 (a) 6,325 4,934 
Clear Channel International BV 8.75% 12/15/20 (a) 505 526 
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 7.875% 5/15/24 (a) 5,615 5,222 
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (a)(e) 3,310 3,310 
  13,992 
Restaurants - 0.6%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc. 5% 10/15/25 (a) 3,545 3,411 
Golden Nugget, Inc.:   
6.75% 10/15/24 (a) 3,340 3,390 
8.75% 10/1/25 (a) 1,630 1,703 
KFC Holding Co./Pizza Hut Holding LLC 4.75% 6/1/27 (a) 1,530 1,471 
  9,975 
Services - 3.6%   
APX Group, Inc.:   
6.375% 12/1/19 2,336 2,307 
7.625% 9/1/23 5,940 5,569 
7.875% 12/1/22 11,850 11,909 
8.75% 12/1/20 23,863 23,534 
Aramark Services, Inc. 5% 2/1/28 (a) 3,170 3,084 
Avantor, Inc. 6% 10/1/24 (a) 2,750 2,764 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) 1,070 1,103 
IHS Markit Ltd. 4% 3/1/26 (a) 825 790 
Jurassic Holdings III, Inc. 6.875% 2/15/21 (Reg. S) (a) 2,095 1,917 
Laureate Education, Inc. 8.25% 5/1/25 (a) 4,775 5,133 
Prime Security One MS, Inc. 4.875% 7/15/32 (a) 5,108 4,227 
United Rentals North America, Inc. 5.5% 5/15/27 1,355 1,352 
  63,689 
Steel - 0.6%   
ArcelorMittal SA:   
7.25% 10/15/39 (e) 3,113 3,689 
7.25% 3/1/41 (e) 75 86 
Big River Steel LLC/BRS Finance Corp. 7.25% 9/1/25 (a) 1,495 1,559 
Cliffs Natural Resources, Inc. 5.75% 3/1/25 5,055 4,875 
  10,209 
Super Retail - 0.4%   
Netflix, Inc.:   
4.375% 11/15/26 3,540 3,316 
4.875% 4/15/28 (a) 2,060 1,947 
5.875% 11/15/28 (a) 2,750 2,743 
  8,006 
Technology - 2.7%   
Balboa Merger Sub, Inc. 11.375% 12/1/21 (a) 10,620 11,563 
Ceridian HCM Holding, Inc. 11% 3/15/21 (a) 4,345 4,475 
Diamond 1 Finance Corp./Diamond 2 Finance Corp.:   
5.875% 6/15/21 (a) 1,930 1,985 
7.125% 6/15/24 (a) 1,880 2,002 
EIG Investors Corp. 10.875% 2/1/24 3,405 3,694 
Ensemble S Merger Sub, Inc. 9% 9/30/23 (a) 5,375 5,657 
Entegris, Inc. 4.625% 2/10/26 (a) 2,080 2,007 
j2 Cloud Services LLC/j2 Global Communications, Inc. 6% 7/15/25 (a) 1,320 1,361 
Match Group, Inc. 5% 12/15/27 (a) 1,485 1,455 
Micron Technology, Inc. 5.5% 2/1/25 1,590 1,654 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 5,815 6,469 
TTM Technologies, Inc. 5.625% 10/1/25 (a) 640 627 
Veritas U.S., Inc./Veritas Bermuda Ltd. 10.5% 2/1/24 (a) 6,550 5,666 
  48,615 
Telecommunications - 6.3%   
Altice Financing SA 7.5% 5/15/26 (a) 4,005 3,945 
Altice Finco SA:   
7.625% 2/15/25 (a) 4,995 4,758 
8.125% 1/15/24 (a) 810 831 
C&W Senior Financing Designated Activity Co. 6.875% 9/15/27 (a) 2,015 1,997 
CyrusOne LP/CyrusOne Finance Corp.:   
5% 3/15/24 1,295 1,298 
5.375% 3/15/27 1,070 1,070 
Equinix, Inc. 5.375% 5/15/27 1,575 1,603 
Frontier Communications Corp.:   
8.5% 4/1/26 (a) 4,565 4,439 
11% 9/15/25 7,060 5,419 
GCI, Inc. 6.875% 4/15/25 2,080 2,179 
Intelsat Jackson Holdings SA 8% 2/15/24 (a) 8,435 8,909 
Level 3 Financing, Inc. 6.125% 1/15/21 2,395 2,425 
Neptune Finco Corp.:   
10.125% 1/15/23 (a) 8,210 9,103 
10.875% 10/15/25 (a) 5,445 6,384 
Sable International Finance Ltd. 6.875% 8/1/22 (a) 2,415 2,539 
SFR Group SA:   
6% 5/15/22 (a) 3,933 3,876 
6.25% 5/15/24 (a) 1,150 1,095 
7.375% 5/1/26 (a) 3,100 3,003 
Sprint Capital Corp. 8.75% 3/15/32 4,575 5,241 
Sprint Communications, Inc.:   
6% 11/15/22 9,884 10,094 
9% 11/15/18 (a) 5,500 5,655 
Sprint Corp.:   
7.125% 6/15/24 4,195 4,320 
7.625% 2/15/25 825 868 
7.625% 3/1/26 1,540 1,621 
7.875% 9/15/23 8,400 9,009 
Wind Tre SpA 5% 1/20/26 (a) 3,195 2,682 
Zayo Group LLC/Zayo Capital, Inc.:   
5.75% 1/15/27 (a) 4,400 4,367 
6% 4/1/23 3,795 3,904 
  112,634 
Textiles/Apparel - 0.0%   
Eagle Intermediate Global Holding BV 7.5% 5/1/25 (a)(d) 695 712 
Transportation Ex Air/Rail - 1.3%   
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) 5,575 4,516 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (a) 7,435 5,623 
11.25% 8/15/22 (a) 3,155 3,116 
Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc. 7.25% 5/1/22 (a) 2,085 2,002 
Teekay Corp. 8.5% 1/15/20 6,825 7,047 
  22,304 
Utilities - 4.7%   
Calpine Corp.:   
5.375% 1/15/23 2,615 2,507 
5.75% 1/15/25 1,120 1,028 
Dynegy, Inc.:   
5.875% 6/1/23 2,830 2,897 
7.375% 11/1/22 7,415 7,814 
7.625% 11/1/24 11,430 12,287 
8.125% 1/30/26 (a) 6,705 7,359 
InterGen NV 7% 6/30/23 (a) 19,427 19,378 
NRG Energy, Inc. 5.75% 1/15/28 (a) 9,470 9,375 
Pattern Energy Group, Inc. 5.875% 2/1/24 (a) 965 984 
Talen Energy Supply LLC:   
6.5% 6/1/25 4,530 3,307 
10.5% 1/15/26 (a) 7,000 6,038 
TerraForm Global, Inc. 6.125% 3/1/26 (a) 3,110 3,149 
The AES Corp.:   
4% 3/15/21 3,920 3,943 
4.5% 3/15/23 2,590 2,603 
5.125% 9/1/27 1,500 1,523 
  84,192 
TOTAL NONCONVERTIBLE BONDS  1,214,124 
TOTAL CORPORATE BONDS   
(Cost $1,235,196)  1,219,510 
 Shares Value (000s) 
Common Stocks - 19.5%   
Air Transportation - 0.4%   
Air Canada (g) 193,100 3,796 
Delta Air Lines, Inc. 76,000 3,969 
TOTAL AIR TRANSPORTATION  7,765 
Automotive & Auto Parts - 1.2%   
Allison Transmission Holdings, Inc. 164,200 6,402 
Fiat Chrysler Automobiles NV 206,200 4,501 
General Motors Co. 70,361 2,585 
General Motors Co. warrants 7/10/19 (g) 11,706 227 
Lear Corp. 30,800 5,759 
Motors Liquidation Co. GUC Trust (g) 39,254 371 
UC Holdings, Inc. (c) 29,835 720 
TOTAL AUTOMOTIVE & AUTO PARTS  20,565 
Banks & Thrifts - 0.7%   
Bank of America Corp. 302,100 9,039 
Wells Fargo & Co. 51,500 2,676 
WMI Holdings Corp. (g) 17,605 24 
TOTAL BANKS & THRIFTS  11,739 
Broadcasting - 1.2%   
AMC Networks, Inc. Class A (g) 82,700 4,300 
Gray Television, Inc. (g) 594,070 6,713 
Nexstar Broadcasting Group, Inc. Class A 122,000 7,595 
Sinclair Broadcast Group, Inc. Class A 100,000 2,835 
TOTAL BROADCASTING  21,443 
Cable/Satellite TV - 0.3%   
Charter Communications, Inc. Class A (g) 20,048 5,439 
Chemicals - 1.9%   
DowDuPont, Inc. 103,800 6,564 
LyondellBasell Industries NV Class A 57,795 6,111 
Platform Specialty Products Corp. (g) 825,030 8,308 
The Chemours Co. LLC 216,300 10,471 
Tronox Ltd. Class A 161,543 2,775 
TOTAL CHEMICALS  34,229 
Consumer Products - 0.5%   
Newell Brands, Inc. 136,100 3,760 
Spectrum Brands Holdings, Inc. (h) 81,100 5,847 
TOTAL CONSUMER PRODUCTS  9,607 
Containers - 0.2%   
Graphic Packaging Holding Co. 255,174 3,649 
Diversified Financial Services - 0.4%   
The Blackstone Group LP 221,900 6,868 
Diversified Media - 0.1%   
MDC Partners, Inc. Class A (g) 175,000 1,321 
Energy - 1.3%   
Ascent Resources Marcellus Holdings, Inc. (c) 192,772 575 
Ascent Resources Marcellus Holdings, Inc. warrants 3/30/23 (c)(g) 49,910 
Baker Hughes, a GE Co. Class A 140,300 5,066 
Contura Energy, Inc. 17 
Contura Energy, Inc. warrants 7/26/23 (g) 354 
Forbes Energy Services Ltd. 65,062 540 
GulfMark Offshore, Inc.:   
warrants 10/21/42 (g) 12,651 424 
warrants 11/14/42 (g) 36,326 1,217 
Parsley Energy, Inc. Class A (g) 165,900 4,982 
Pioneer Natural Resources Co. 27,500 5,543 
SM Energy Co. 150,700 3,609 
Southwestern Energy Co. (g) 343,432 1,408 
TOTAL ENERGY  23,374 
Food/Beverage/Tobacco - 0.3%   
Darling International, Inc. (g) 272,100 4,664 
Gaming - 2.9%   
Boyd Gaming Corp. 282,300 9,375 
Eldorado Resorts, Inc. (g) 259,000 10,490 
Golden Entertainment, Inc. (g) 159,987 4,280 
Melco Crown Entertainment Ltd. sponsored ADR 208,600 6,510 
MGM Mirage, Inc. 243,800 7,660 
Penn National Gaming, Inc. (g) 284,600 8,626 
Red Rock Resorts, Inc. 182,885 5,521 
TOTAL GAMING  52,462 
Healthcare - 1.6%   
Allergan PLC 36,036 5,537 
Boston Scientific Corp. (g) 210,300 6,040 
HCA Holdings, Inc. 33,100 3,169 
Jazz Pharmaceuticals PLC (g) 56,200 8,545 
Legend Acquisition, Inc. (c)(g) 28,345 791 
Tenet Healthcare Corp. (g)(h) 187,300 4,484 
TOTAL HEALTHCARE  28,566 
Homebuilders/Real Estate - 0.3%   
Lennar Corp.:   
Class A 90,987 4,812 
Class B 2,415 103 
TOTAL HOMEBUILDERS/REAL ESTATE  4,915 
Metals/Mining - 0.0%   
Warrior Metropolitan Coal, Inc. 692 16 
Services - 0.8%   
HD Supply Holdings, Inc. (g) 237,400 9,190 
United Rentals, Inc. (g) 36,900 5,535 
TOTAL SERVICES  14,725 
Steel - 0.0%   
ANR, Inc. (g) 3,065 78 
Super Retail - 0.0%   
Arena Brands Holding Corp. Class B (c)(g)(i) 42,253 135 
Technology - 3.7%   
Alphabet, Inc. Class A (g) 6,500 6,621 
Broadcom, Inc. 26,300 6,034 
CDW Corp. 77,100 5,496 
Ceridian HCM Holding, Inc. 300 
Dell Technologies, Inc. (g) 71,100 5,103 
Facebook, Inc. Class A (g) 28,694 4,935 
First Data Corp. Class A (g) 390,000 7,059 
Micron Technology, Inc. (g) 115,200 5,297 
ON Semiconductor Corp. (g) 300,000 6,624 
Presidio, Inc. (g) 379,844 5,819 
Qorvo, Inc. (g) 85,600 5,769 
Skyworks Solutions, Inc. 59,500 5,162 
VeriSign, Inc. (g) 16,800 1,973 
TOTAL TECHNOLOGY  65,901 
Telecommunications - 1.0%   
Alibaba Group Holding Ltd. sponsored ADR (g) 32,200 5,749 
Altice U.S.A., Inc. Class A (h) 289,400 5,180 
Pendrell Corp. 37 26 
T-Mobile U.S., Inc. (g) 121,700 7,364 
TOTAL TELECOMMUNICATIONS  18,319 
Utilities - 0.7%   
NRG Energy, Inc. 215,800 6,690 
The AES Corp. 198,300 2,427 
Vistra Energy Corp. (g) 116,382 2,659 
TOTAL UTILITIES  11,776 
TOTAL COMMON STOCKS   
(Cost $299,731)  347,556 
Convertible Preferred Stocks - 0.2%   
Utilities - 0.2%   
Vistra Energy Corp. 7.00% (g)   
(Cost $3,793) 45,600 4,268 
 Principal Amount (000s) Value (000s) 
Bank Loan Obligations - 4.8%   
Cable/Satellite TV - 0.4%   
Mediacom Illinois LLC Tranche N, term loan 3 month U.S. LIBOR + 1.750% 3.5% 2/15/24 (e)(f) 2,595 2,601 
Numericable LLC Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.000% 5.3477% 1/31/26 (e)(f) 4,821 4,745 
TOTAL CABLE/SATELLITE TV  7,346 
Chemicals - 0.5%   
The Chemours Co. LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 3.66% 4/3/25 (e)(f) 7,475 7,497 
Tronox Blocked Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 9/22/24 (e)(f) 223 225 
Tronox Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 9/22/24 (e)(f) 515 520 
TOTAL CHEMICALS  8,242 
Energy - 1.0%   
Ascent Resources Marcellus LLC term loan 3 month U.S. LIBOR + 6.500% 8.3869% 3/30/23 (e)(f) 268 268 
California Resources Corp.:   
Tranche 1LN, term loan 3 month U.S. LIBOR + 10.375% 12.2733% 12/31/21 (e)(f) 7,005 7,863 
Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6471% 12/31/22 (e)(f) 4,425 4,515 
Chief Exploration & Development, LLC. Tranche 2LN, term loan 3 month U.S. LIBOR + 6.500% 8.4161% 5/16/21 (e)(f) 2,295 2,268 
Forbes Energy Services LLC Tranche B, term loan 14% 4/13/21 (c)(e) 663 668 
Gavilan Resources LLC Tranche 2LN, term loan 3 month U.S. LIBOR + 6.000% 7.8969% 3/1/24 (e)(f) 1,800 1,791 
Pacific Drilling SA Tranche B, term loan 3 month U.S. LIBOR + 3.500% 0% 6/3/18 (b)(f) 564 202 
TOTAL ENERGY  17,575 
Entertainment/Film - 0.2%   
Cinemark U.S.A., Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.75% 3/29/25 (e)(f) 3,232 3,242 
Food & Drug Retail - 0.1%   
Tops Markets LLC term loan:   
3 month U.S. LIBOR + 9.500% 11.4375% 2/23/19 (c)(e)(f) 866 866 
3 month U.S. LIBOR + 9.500% 11.4375% 2/23/19 (c)(e)(f) 866 866 
TOTAL FOOD & DRUG RETAIL  1,732 
Healthcare - 0.3%   
U.S. Renal Care, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 8.000% 10.302% 12/31/23 (e)(f) 2,030 2,035 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.250% 6.552% 12/31/22 (e)(f) 2,613 2,600 
TOTAL HEALTHCARE  4,635 
Homebuilders/Real Estate - 0.2%   
Pisces Midco, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.750% 6.089% 4/12/25 (e)(f) 3,865 3,899 
Leisure - 0.3%   
Alterra Mountain Co. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 7/31/24 (e)(f) 55 55 
Crown Finance U.S., Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 2/28/25 (e)(f) 6,100 6,090 
TOTAL LEISURE  6,145 
Publishing/Printing - 0.1%   
Cengage Learning, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.1469% 6/7/23 (e)(f) 2,300 2,054 
Services - 0.1%   
KUEHG Corp. Tranche B, term loan 3 month U.S. LIBOR + 8.250% 10.552% 8/22/25 (e)(f) 2,615 2,648 
Super Retail - 0.4%   
Bass Pro Shops LLC. Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.9008% 9/25/24 (e)(f) 6,602 6,643 
Technology - 0.6%   
Kronos, Inc. term loan 3 month U.S. LIBOR + 8.250% 10.0234% 11/1/24 (e)(f) 3,650 3,777 
Mcafee LLC Tranche B, term loan 3 month U.S. LIBOR + 8.500% 10.4008% 9/29/25 (e)(f) 1,865 1,890 
Renaissance Learning, Inc. Tranche 2LN, term loan 3 month U.S. LIBOR + 7.000% 9.302% 4/9/22 (e)(f) 3,165 3,172 
Uber Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.89% 4/4/25 (e)(f) 1,985 2,002 
TOTAL TECHNOLOGY  10,841 
Telecommunications - 0.6%   
Intelsat Jackson Holdings SA Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.7063% 11/27/23 (e)(f) 11,065 11,131 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $84,947)  86,133 
Preferred Securities - 3.0%   
Banks & Thrifts - 3.0%   
Bank of America Corp.:   
5.875%(e)(j) 7,110 7,154 
6.1%(e)(j) 2,590 2,703 
Barclays Bank PLC 7.625% 11/21/22 10,205 11,508 
Citigroup, Inc. 5.35% (e)(j) 12,655 12,793 
Credit Agricole SA:   
6.625% (a)(e)(j) 4,590 4,732 
7.875% (a)(e)(j) 2,365 2,586 
8.125% (a)(e)(j) 6,230 7,132 
Goldman Sachs Group, Inc. 5.375% (e)(j) 4,045 4,244 
TOTAL PREFERRED SECURITIES   
(Cost $51,452)  52,852 
 Shares Value (000s) 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund, 1.74% (k) 54,408,866 54,420 
Fidelity Securities Lending Cash Central Fund 1.74% (k)(l) 8,096,548 8,097 
TOTAL MONEY MARKET FUNDS   
(Cost $62,517)  62,517 
TOTAL INVESTMENT IN SECURITIES - 99.3%   
(Cost $1,737,636)  1,772,836 
NET OTHER ASSETS (LIABILITIES) - 0.7%  11,733 
NET ASSETS - 100%  $1,784,569 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $733,452,000 or 41.1% of net assets.

 (b) Non-income producing - Security is in default.

 (c) Level 3 security

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (g) Non-income producing

 (h) Security or a portion of the security is on loan at period end.

 (i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $135,000 or 0.0% of net assets.

 (j) Security is perpetual in nature with no stated maturity date.

 (k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (l) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
Arena Brands Holding Corp. Class B 6/18/97 - 7/13/98 $1,538 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $564 
Fidelity Securities Lending Cash Central Fund 82 
Total $646 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $103,267 $102,412 $-- $855 
Consumer Staples 10,511 10,511 -- -- 
Energy 23,468 22,893 -- 575 
Financials 18,978 18,978 -- -- 
Health Care 28,566 27,775 -- 791 
Industrials 28,918 28,918 -- -- 
Information Technology 71,650 71,650 -- -- 
Materials 37,878 37,878 -- -- 
Telecommunication Services 12,544 12,544 -- -- 
Utilities 16,044 11,776 4,268 -- 
Corporate Bonds 1,219,510 -- 1,219,509 
Bank Loan Obligations 86,133 -- 83,733 2,400 
Preferred Securities 52,852 -- 52,852 -- 
Money Market Funds 62,517 62,517 -- -- 
Total Investments in Securities: $1,772,836 $407,852 $1,360,362 $4,622 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 79.0% 
Canada 4.2% 
Luxembourg 3.6% 
Netherlands 3.1% 
United Kingdom 1.8% 
Multi-National 1.8% 
Cayman Islands 1.4% 
France 1.4% 
Ireland 1.1% 
Others (Individually Less Than 1%) 2.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,984) — See accompanying schedule:
Unaffiliated issuers (cost $1,675,119) 
$1,710,319  
Fidelity Central Funds (cost $62,517) 62,517  
Total Investment in Securities (cost $1,737,636)  $1,772,836 
Cash  
Receivable for investments sold  3,204 
Receivable for fund shares sold  808 
Dividends receivable  121 
Interest receivable  23,675 
Distributions receivable from Fidelity Central Funds  129 
Prepaid expenses  
Other receivables  62 
Total assets  1,800,838 
Liabilities   
Payable for investments purchased   
Regular delivery $2,189  
Delayed delivery 1,340  
Payable for fund shares redeemed 2,576  
Distributions payable 563  
Accrued management fee 832  
Distribution and service plan fees payable 289  
Other affiliated payables 285  
Other payables and accrued expenses 97  
Collateral on securities loaned 8,098  
Total liabilities  16,269 
Net Assets  $1,784,569 
Net Assets consist of:   
Paid in capital  $1,722,388 
Undistributed net investment income  25,386 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  1,595 
Net unrealized appreciation (depreciation) on investments  35,200 
Net Assets  $1,784,569 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($480,093 ÷ 43,102 shares)  $11.14 
Maximum offering price per share (100/96.00 of $11.14)  $11.60 
Class M:   
Net Asset Value and redemption price per share ($353,020 ÷ 31,517 shares)  $11.20 
Maximum offering price per share (100/96.00 of $11.20)  $11.67 
Class C:   
Net Asset Value and offering price per share ($136,370 ÷ 12,265 shares)(a)  $11.12 
Class I:   
Net Asset Value, offering price and redemption price per share ($815,086 ÷ 78,058 shares)  $10.44 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2018 (Unaudited) 
Investment Income   
Dividends  $4,494 
Interest  59,809 
Income from Fidelity Central Funds  646 
Total income  64,949 
Expenses   
Management fee $5,081  
Transfer agent fees 1,430  
Distribution and service plan fees 1,818  
Accounting and security lending fees 305  
Custodian fees and expenses 15  
Independent trustees' fees and expenses  
Registration fees 53  
Audit 44  
Legal (277)  
Miscellaneous  
Total expenses before reductions 8,478  
Expense reductions (30) 8,448 
Net investment income (loss)  56,501 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 958  
Fidelity Central Funds (1)  
Foreign currency transactions (22)  
Total net realized gain (loss)  935 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (50,399)  
Fidelity Central Funds  
Assets and liabilities in foreign currencies  
Total change in net unrealized appreciation (depreciation)  (50,397) 
Net gain (loss)  (49,462) 
Net increase (decrease) in net assets resulting from operations  $7,039 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2018 (Unaudited) Year ended October 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $56,501 $89,829 
Net realized gain (loss) 935 31,482 
Change in net unrealized appreciation (depreciation) (50,397) 106,024 
Net increase (decrease) in net assets resulting from operations 7,039 227,335 
Distributions to shareholders from net investment income (51,282) (82,955) 
Share transactions - net increase (decrease) (26,328) (209,589) 
Redemption fees 18 143 
Total increase (decrease) in net assets (70,553) (65,066) 
Net Assets   
Beginning of period 1,855,122 1,920,188 
End of period $1,784,569 $1,855,122 
Other Information   
Undistributed net investment income end of period $25,386 $20,167 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor High Income Advantage Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $11.41 $10.57 $10.43 $10.88 $10.73 $10.21 
Income from Investment Operations       
Net investment income (loss)A .348 .525 .501 .498 .480 .569 
Net realized and unrealized gain (loss) (.305) .796 .123 (.489) .236 .558 
Total from investment operations .043 1.321 .624 .009 .716 1.127 
Distributions from net investment income (.313) (.482) (.485) (.451) (.449) (.482) 
Distributions from net realized gain – – – (.010) (.118) (.127) 
Total distributions (.313) (.482) (.485) (.461) (.567) (.609) 
Redemption fees added to paid in capitalA B .001 .001 .002 .001 .002 
Net asset value, end of period $11.14 $11.41 $10.57 $10.43 $10.88 $10.73 
Total ReturnC,D,E .36% 12.75% 6.30% .06% 6.84% 11.39% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .98%H 1.02% 1.04% 1.02% 1.02% 1.02% 
Expenses net of fee waivers, if any .98%H 1.01% 1.03% 1.02% 1.02% 1.02% 
Expenses net of all reductions .98%H 1.01% 1.03% 1.02% 1.02% 1.02% 
Net investment income (loss) 6.18%H 4.75% 4.94% 4.62% 4.42% 5.42% 
Supplemental Data       
Net assets, end of period (in millions) $480 $507 $593 $636 $682 $698 
Portfolio turnover rateI 49%H 49% 46% 42% 41% 66% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Advantage Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $11.47 $10.63 $10.49 $10.93 $10.78 $10.26 
Income from Investment Operations       
Net investment income (loss)A .350 .529 .505 .501 .484 .573 
Net realized and unrealized gain (loss) (.306) .795 .123 (.479) .233 .555 
Total from investment operations .044 1.324 .628 .022 .717 1.128 
Distributions from net investment income (.314) (.485) (.489) (.454) (.450) (.483) 
Distributions from net realized gain – – – (.010) (.118) (.127) 
Total distributions (.314) (.485) (.489) (.464) (.568) (.610) 
Redemption fees added to paid in capitalA B .001 .001 .002 .001 .002 
Net asset value, end of period $11.20 $11.47 $10.63 $10.49 $10.93 $10.78 
Total ReturnC,D,E .37% 12.71% 6.30% .18% 6.81% 11.34% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .98%H 1.01% 1.03% 1.02% 1.01% 1.01% 
Expenses net of fee waivers, if any .98%H 1.01% 1.03% 1.02% 1.01% 1.01% 
Expenses net of all reductions .97%H 1.01% 1.03% 1.02% 1.01% 1.01% 
Net investment income (loss) 6.19%H 4.76% 4.95% 4.63% 4.43% 5.43% 
Supplemental Data       
Net assets, end of period (in millions) $353 $382 $409 $445 $504 $528 
Portfolio turnover rateI 49%H 49% 46% 42% 41% 66% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Advantage Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $11.39 $10.55 $10.41 $10.86 $10.71 $10.19 
Income from Investment Operations       
Net investment income (loss)A .304 .440 .424 .415 .398 .489 
Net realized and unrealized gain (loss) (.305) .796 .122 (.488) .237 .560 
Total from investment operations (.001) 1.236 .546 (.073) .635 1.049 
Distributions from net investment income (.269) (.397) (.407) (.369) (.368) (.404) 
Distributions from net realized gain – – – (.010) (.118) (.127) 
Total distributions (.269) (.397) (.407) (.379) (.486) (.531) 
Redemption fees added to paid in capitalA B .001 .001 .002 .001 .002 
Net asset value, end of period $11.12 $11.39 $10.55 $10.41 $10.86 $10.71 
Total ReturnC,D,E (.02)% 11.92% 5.51% (.70)% 6.05% 10.58% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.75%H 1.78% 1.79% 1.78% 1.77% 1.77% 
Expenses net of fee waivers, if any 1.75%H 1.77% 1.79% 1.78% 1.77% 1.77% 
Expenses net of all reductions 1.75%H 1.77% 1.79% 1.78% 1.77% 1.77% 
Net investment income (loss) 5.42%H 3.99% 4.18% 3.86% 3.67% 4.67% 
Supplemental Data       
Net assets, end of period (in millions) $136 $156 $163 $171 $182 $183 
Portfolio turnover rateI 49%H 49% 46% 42% 41% 66% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Advantage Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $10.70 $9.91 $9.78 $10.20 $10.10 $9.65 
Income from Investment Operations       
Net investment income (loss)A .339 .517 .493 .488 .474 .561 
Net realized and unrealized gain (loss) (.287) .750 .113 (.455) .216 .524 
Total from investment operations .052 1.267 .606 .033 .690 1.085 
Distributions from net investment income (.312) (.478) (.477) (.445) (.473) (.510) 
Distributions from net realized gain – – – (.010) (.118) (.127) 
Total distributions (.312) (.478) (.477) (.455) (.591) (.637) 
Redemption fees added to paid in capitalA B .001 .001 .002 .001 .002 
Net asset value, end of period $10.44 $10.70 $9.91 $9.78 $10.20 $10.10 
Total ReturnC,D .47% 13.06% 6.54% .31% 7.02% 11.63% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .74%G .77% .80% .80% .78% .77% 
Expenses net of fee waivers, if any .74%G .77% .80% .80% .78% .77% 
Expenses net of all reductions .74%G .77% .80% .80% .78% .77% 
Net investment income (loss) 6.43%G 5.00% 5.17% 4.84% 4.66% 5.68% 
Supplemental Data       
Net assets, end of period (in millions) $815 $811 $755 $760 $658 $497 
Portfolio turnover rateH 49%G 49% 46% 42% 41% 66% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2018
(Amounts in thousands except percentages)

1. Organization.

Fidelity Advisor High Income Advantage Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2018, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, market discount, equity-debt classifications, partnerships, deferred trustees compensation, capital loss carryforwards, expiring capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $126,945 
Gross unrealized depreciation (82,965) 
Net unrealized appreciation (depreciation) $43,980 
Tax cost $1,728,856 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $418,361 and $419,986, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $619 $21 
Class M -% .25% 462 44 
Class C .75% .25% 737 60 
   $1,818 $125 

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $37 
Class M 
Class C(a) 
 $46 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $381 .16 
Class M 274 .15 
Class C 121 .17 
Class I 654 .16 
 $1,430  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .03%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $82, including less than five hundred dollars from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $20 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2018 
Year ended
October 31, 2017 
From net investment income   
Class A $13,672 $24,253 
Class M 10,214 17,458 
Class C 3,528 5,849 
Class I 23,868 35,395 
Total $51,282 $82,955 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2018 Year ended October 31, 2017 Six months ended April 30, 2018 Year ended October 31, 2017 
Class A     
Shares sold 3,150 7,810 $35,734 $86,026 
Reinvestment of distributions 1,111 2,011 12,580 22,179 
Shares redeemed (5,558) (21,570) (62,956) (238,752) 
Net increase (decrease) (1,297) (11,749) $(14,642) $(130,547) 
Class M     
Shares sold 1,733 3,333 $19,814 $36,927 
Reinvestment of distributions 841 1,459 9,576 16,192 
Shares redeemed (4,322) (9,984) (49,306) (110,969) 
Net increase (decrease) (1,748) (5,192) $(19,916) $(57,850) 
Class C     
Shares sold 634 1,799 $7,186 $19,762 
Reinvestment of distributions 287 463 3,248 5,095 
Shares redeemed (2,325) (4,082) (26,306) (44,978) 
Net increase (decrease) (1,404) (1,820) $(15,872) $(20,121) 
Class I     
Shares sold 13,036 28,270 $138,537 $293,804 
Reinvestment of distributions 2,015 2,942 21,383 30,479 
Shares redeemed (12,791) (31,537) (135,818) (325,354) 
Net increase (decrease) 2,260 (325) $24,102 $(1,071) 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

12. Litigation.

The Fund, and other entities managed by FMR or its affiliates were named as defendants in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York in 2009. The lawsuit was brought by creditors of Motors Liquidation Company (f/k/a General Motors), which went through Chapter 11 bankruptcy proceedings in 2009, and is captioned Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A., et al., Adversary No. 09-00504 (REG). The plaintiffs are seeking an order that the Fund and other defendants return proceeds received in 2009 in full payment of the principal and interest on General Motors secured debt. The plaintiffs contend that the Fund and the other defendants were not secured creditors at the time of the 2009 payments and, thus, were not entitled to payment in full. In January 2015, the Court of Appeals ruled that JPMorgan, as administrative agent for all of the debtholders, released the security interest on certain collateral securing the debt prior to the 2009 payments. In September 2017, an opinion was issued in a trial intended to help determine the value of any remaining, unreleased collateral. Management is evaluating the impact of this ruling and the parties have agreed to mediation. At this time, Management cannot determine the amount of loss that may be realized, but expects the amount to be less than the $5,769 received in 2009. The Fund is also incurring legal costs in defending the case.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2017 
Ending
Account Value
April 30, 2018 
Expenses Paid
During Period-B
November 1, 2017
to April 30, 2018 
Class A .98%    
Actual  $1,000.00 $1,003.60 $4.87 
Hypothetical-C  $1,000.00 $1,019.93 $4.91 
Class M .98%    
Actual  $1,000.00 $1,003.70 $4.87 
Hypothetical-C  $1,000.00 $1,019.93 $4.91 
Class C 1.75%    
Actual  $1,000.00 $999.80 $8.68 
Hypothetical-C  $1,000.00 $1,016.12 $8.75 
Class I .74%    
Actual  $1,000.00 $1,004.70 $3.68 
Hypothetical-C  $1,000.00 $1,021.12 $3.71 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

HY-SANN-0618
1.703458.120


Fidelity Advisor® High Income Fund
Class A, Class M, Class C and Class I



Semi-Annual Report

April 30, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Holdings as of April 30, 2018

(by issuer, excluding cash equivalents) % of fund's net assets 
CCO Holdings LLC/CCO Holdings Capital Corp. 3.3 
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 2.3 
Valeant Pharmaceuticals International, Inc. 1.7 
APX Group, Inc. 1.5 
Ensco PLC 1.5 
 10.3 

Top Five Market Sectors as of April 30, 2018

 % of fund's net assets 
Energy 18.1 
Cable/Satellite TV 7.8 
Healthcare 6.9 
Telecommunications 6.6 
Utilities 6.4 

Quality Diversification (% of fund's net assets)

As of April 30, 2018 
   BBB 0.3% 
   BB 41.8% 
   40.1% 
   CCC,CC,C 11.8% 
   Not Rated 2.2% 
   Equities 0.1% 
   Short-Term Investments and Net Other Assets 3.7% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Asset Allocation (% of fund's net assets)

As of April 30, 2018* 
   Nonconvertible Bonds 83.9% 
   Convertible Bonds, Preferred Stocks 0.8% 
   Common Stocks 0.1% 
   Bank Loan Obligations 8.3% 
   Other Investments 3.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.7% 


 * Foreign investments - 23.9%


Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 84.7%   
 Principal Amount Value 
Convertible Bonds - 0.8%   
Broadcasting - 0.4%   
DISH Network Corp.:   
2.375% 3/15/24 $2,140,000 $1,846,523 
3.375% 8/15/26 1,160,000 1,052,724 
  2,899,247 
Utilities - 0.4%   
SolarCity Corp. 1.625% 11/1/19 3,060,000 2,841,819 
TOTAL CONVERTIBLE BONDS  5,741,066 
Nonconvertible Bonds - 83.9%   
Aerospace - 1.9%   
BBA U.S. Holdings, Inc. 5.375% 5/1/26 (a) 1,740,000 1,749,709 
Bombardier, Inc.:   
6.125% 1/15/23 (a) 3,390,000 3,411,188 
7.5% 12/1/24 (a) 2,015,000 2,120,788 
7.5% 3/15/25 (a) 1,085,000 1,128,400 
TransDigm, Inc.:   
6% 7/15/22 1,140,000 1,155,675 
6.375% 6/15/26 800,000 804,000 
6.5% 5/15/25 3,390,000 3,449,325 
  13,819,085 
Air Transportation - 1.9%   
Allegiant Travel Co. 5.5% 7/15/19 1,610,000 1,626,100 
American Airlines Group, Inc.:   
4.625% 3/1/20 (a) 840,000 846,300 
5.5% 10/1/19 (a) 2,775,000 2,823,563 
U.S. Airways Group, Inc. 6.125% 6/1/18 1,180,000 1,180,000 
U.S. Airways pass-thru certificates:   
Series 2012-2C, 5.45% 6/3/18 2,215,000 2,217,769 
Series 2013-1 Class B, 5.375% 11/15/21 366,997 376,631 
United Air Lines, Inc. pass-thru trust certificates Class B, 7.336% 7/2/19 641,171 663,612 
United Continental Holdings, Inc.:   
4.25% 10/1/22 2,995,000 2,917,130 
6% 12/1/20 615,000 645,627 
  13,296,732 
Automotive & Auto Parts - 0.2%   
American Tire Distributors, Inc. 10.25% 3/1/22 (a) 485,000 255,838 
Delphi Technologies PLC 5% 10/1/25 (a) 865,000 832,022 
Jaguar Land Rover PLC 4.5% 10/1/27 (a) 575,000 517,500 
  1,605,360 
Banks & Thrifts - 0.4%   
Ally Financial, Inc.:   
4.25% 4/15/21 1,440,000 1,447,200 
8% 11/1/31 1,005,000 1,221,276 
  2,668,476 
Broadcasting - 0.5%   
Sirius XM Radio, Inc.:   
3.875% 8/1/22 (a) 2,410,000 2,337,700 
5% 8/1/27 (a) 1,570,000 1,496,406 
  3,834,106 
Building Materials - 0.5%   
Building Materials Corp. of America 4.75% 1/15/28 (a) 1,595,000 1,487,338 
CEMEX S.A.B. de CV:   
5.7% 1/11/25 (a) 770,000 779,240 
7.75% 4/16/26 (a) 1,330,000 1,458,345 
  3,724,923 
Cable/Satellite TV - 6.7%   
Altice SA:   
7.625% 2/15/25 (a) 860,000 775,075 
7.75% 5/15/22 (a) 5,547,000 5,297,385 
Altice U.S. Finance SA 5.5% 5/15/26 (a) 3,140,000 3,043,838 
Cablevision Systems Corp. 5.875% 9/15/22 1,195,000 1,177,075 
CCO Holdings LLC/CCO Holdings Capital Corp.:   
4% 3/1/23 (a) 2,495,000 2,407,675 
5% 2/1/28 (a) 6,965,000 6,431,342 
5.125% 2/15/23 555,000 557,609 
5.125% 5/1/23 (a) 1,880,000 1,886,016 
5.125% 5/1/27 (a) 4,290,000 4,019,601 
5.5% 5/1/26 (a) 3,445,000 3,354,397 
5.75% 2/15/26 (a) 1,450,000 1,439,125 
5.875% 4/1/24 (a) 1,945,000 1,974,194 
5.875% 5/1/27 (a) 820,000 801,550 
CSC Holdings LLC:   
5.25% 6/1/24 1,550,000 1,452,156 
5.375% 2/1/28 (a) 1,100,000 1,028,500 
CSC Holdings, Inc. 5.5% 4/15/27 (a) 1,575,000 1,511,685 
DISH DBS Corp.:   
5.125% 5/1/20 385,000 383,075 
5.875% 11/15/24 1,220,000 1,038,525 
6.75% 6/1/21 1,535,000 1,527,325 
7.75% 7/1/26 510,000 462,506 
Virgin Media Secured Finance PLC:   
5.5% 1/15/25 (a) 595,000 578,638 
5.5% 8/15/26 (a) 1,610,000 1,549,625 
Ziggo Bond Finance BV:   
5.875% 1/15/25 (a) 1,210,000 1,143,450 
6% 1/15/27 (a) 2,185,000 2,042,975 
Ziggo Secured Finance BV 5.5% 1/15/27 (a) 1,770,000 1,668,225 
  47,551,567 
Chemicals - 3.6%   
CF Industries Holdings, Inc.:   
3.4% 12/1/21 (a) 750,000 738,716 
3.45% 6/1/23 745,000 707,750 
4.5% 12/1/26 (a) 540,000 540,075 
5.15% 3/15/34 115,000 105,081 
Kraton Polymers LLC/Kraton Polymers Capital Corp. 7% 4/15/25 (a) 2,045,000 2,111,463 
NOVA Chemicals Corp.:   
4.875% 6/1/24 (a) 1,520,000 1,474,400 
5.25% 6/1/27 (a) 580,000 558,250 
Nufarm Australia Ltd. 6.375% 10/15/19 (a) 2,360,000 2,398,350 
OCI NV 6.625% 4/15/23 (a) 2,265,000 2,296,710 
Olin Corp.:   
5% 2/1/30 645,000 614,363 
5.125% 9/15/27 2,240,000 2,195,200 
Platform Specialty Products Corp. 5.875% 12/1/25 (a) 2,020,000 1,969,500 
TPC Group, Inc. 8.75% 12/15/20 (a) 4,290,000 4,268,550 
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375% 9/1/25 (a) 1,830,000 1,802,550 
Tronox Finance PLC 5.75% 10/1/25 (a) 360,000 350,100 
Tronox, Inc. 6.5% 4/15/26 (a) 2,410,000 2,397,950 
Valvoline, Inc. 4.375% 8/15/25 1,515,000 1,454,400 
  25,983,408 
Consumer Products - 0.3%   
Coty, Inc. 6.5% 4/15/26 (a) 1,660,000 1,614,350 
Prestige Brands, Inc. 6.375% 3/1/24 (a) 685,000 688,425 
  2,302,775 
Containers - 3.6%   
Ard Securities Finance Sarl 8.75% 1/31/23 pay-in-kind (a)(b) 2,215,000 2,331,288 
Ardagh Packaging Finance PLC/Ardagh MP Holdings U.S.A., Inc.:   
4.25% 9/15/22 (a) 1,200,000 1,192,500 
4.625% 5/15/23 (a) 2,450,000 2,456,125 
6% 2/15/25 (a) 4,345,000 4,393,881 
7.25% 5/15/24 (a) 865,000 912,575 
Crown Americas LLC/Crown Americas Capital Corp. V 4.25% 9/30/26 1,460,000 1,350,500 
OI European Group BV 4% 3/15/23 (a) 2,105,000 1,999,750 
Owens-Brockway Glass Container, Inc. 5.375% 1/15/25 (a) 925,000 922,688 
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA:   
3 month U.S. LIBOR + 3.500% 5.8477% 7/15/21 (a)(b)(c) 3,635,000 3,684,981 
5.125% 7/15/23 (a) 2,030,000 2,038,891 
5.75% 10/15/20 3,348,267 3,372,375 
Silgan Holdings, Inc. 4.75% 3/15/25 1,085,000 1,049,846 
  25,705,400 
Diversified Financial Services - 5.9%   
Aircastle Ltd.:   
4.125% 5/1/24 705,000 690,900 
5% 4/1/23 1,710,000 1,757,025 
Chobani LLC/Finance Corp., Inc. 7.5% 4/15/25 (a) 1,040,000 1,045,200 
CIT Group, Inc.:   
4.125% 3/9/21 790,000 790,830 
5.25% 3/7/25 660,000 674,025 
6.125% 3/9/28 600,000 620,250 
Crown Americas LLC / Crown Americas Capital Corp. IV 4.75% 2/1/26 (a) 1,410,000 1,360,650 
FLY Leasing Ltd.:   
5.25% 10/15/24 1,285,000 1,243,238 
6.375% 10/15/21 785,000 818,268 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 4,260,000 4,307,925 
6% 8/1/20 4,120,000 4,207,550 
6.25% 2/1/22 5,720,000 5,834,400 
6.375% 12/15/25 1,575,000 1,580,906 
6.75% 2/1/24 760,000 779,000 
ILFC E-Capital Trust I 3 month U.S. LIBOR + 1.550% 4.64% 12/21/65 (a)(b)(c) 2,555,000 2,459,188 
ILFC E-Capital Trust II 3 month U.S. LIBOR + 1.800% 4.89% 12/21/65 (a)(b)(c) 4,420,000 4,254,250 
MSCI, Inc.:   
4.75% 8/1/26 (a) 1,585,000 1,570,497 
5.25% 11/15/24 (a) 1,855,000 1,892,100 
Prime Securities Services Borrower LLC/Prime Finance, Inc. 9.25% 5/15/23 (a) 1,065,000 1,143,544 
Quicken Loans, Inc. 5.25% 1/15/28 (a) 1,575,000 1,437,188 
Radiate Holdco LLC/Radiate Financial Service Ltd.:   
6.625% 2/15/25 (a) 790,000 732,725 
6.875% 2/15/23 (a) 275,000 266,063 
SLM Corp. 5.5% 1/25/23 400,000 393,880 
Tempo Acquisition LLC 6.75% 6/1/25 (a) 1,990,000 1,970,100 
  41,829,702 
Diversified Media - 0.8%   
E.W. Scripps Co. 5.125% 5/15/25 (a) 1,210,000 1,125,300 
MDC Partners, Inc. 6.5% 5/1/24 (a) 4,557,000 4,482,949 
  5,608,249 
Energy - 17.4%   
Antero Resources Corp.:   
5% 3/1/25 2,920,000 2,923,650 
5.125% 12/1/22 2,120,000 2,130,600 
5.625% 6/1/23 (Reg. S) 690,000 704,663 
Antero Resources Finance Corp. 5.375% 11/1/21 510,000 515,891 
Calfrac Holdings LP 7.5% 12/1/20 (a) 1,340,000 1,326,600 
California Resources Corp. 8% 12/15/22 (a) 3,345,000 2,876,700 
Cheniere Corpus Christi Holdings LLC:   
5.125% 6/30/27 855,000 833,625 
5.875% 3/31/25 2,070,000 2,134,087 
7% 6/30/24 2,185,000 2,387,113 
Chesapeake Energy Corp.:   
4.875% 4/15/22 1,455,000 1,396,800 
5.75% 3/15/23 2,205,000 2,034,113 
8% 12/15/22 (a) 2,923,000 3,098,380 
8% 1/15/25 (a) 425,000 412,038 
8% 6/15/27 (a) 1,325,000 1,275,313 
CNX Midstream Partners LP 6.5% 3/15/26 (a) 395,000 386,113 
Consolidated Energy Finance SA:   
3 month U.S. LIBOR + 3.750% 5.8745% 6/15/22 (a)(b)(c) 4,680,000 4,668,300 
6.875% 6/15/25 (a) 1,465,000 1,523,600 
Continental Resources, Inc.:   
4.375% 1/15/28 (a) 1,820,000 1,788,150 
4.5% 4/15/23 2,085,000 2,111,063 
4.9% 6/1/44 510,000 499,800 
Covey Park Energy LLC 7.5% 5/15/25 (a) 1,275,000 1,281,375 
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.75% 4/1/25 1,355,000 1,341,450 
CVR Refining LLC/Coffeyville Finance, Inc. 6.5% 11/1/22 3,840,000 3,916,800 
DCP Midstream LLC 5.85% 5/21/43 (a)(b) 1,265,000 1,201,750 
Denbury Resources, Inc.:   
4.625% 7/15/23 90,000 73,350 
5.5% 5/1/22 305,000 266,113 
6.375% 8/15/21 305,000 276,025 
9% 5/15/21 (a) 2,220,000 2,319,900 
9.25% 3/31/22 (a) 1,165,000 1,211,600 
Diamond Offshore Drilling, Inc. 7.875% 8/15/25 1,145,000 1,175,056 
Endeavor Energy Resources LP/EER Finance, Inc.:   
5.5% 1/30/26 (a) 335,000 336,675 
5.75% 1/30/28 (a) 340,000 341,700 
Energy Transfer Equity LP 4.25% 3/15/23 2,515,000 2,426,975 
Ensco PLC:   
4.5% 10/1/24 2,830,000 2,302,913 
5.2% 3/15/25 3,945,000 3,239,831 
7.75% 2/1/26 3,830,000 3,600,200 
8% 1/31/24 1,541,000 1,525,590 
EP Energy LLC/Everest Acquisition Finance, Inc. 8% 11/29/24 (a) 2,485,000 2,571,975 
Exterran Energy Solutions LP 8.125% 5/1/25 780,000 826,800 
Exterran Partners LP/EXLP Finance Corp.:   
6% 4/1/21 3,480,000 3,471,300 
6% 10/1/22 965,000 965,000 
Extraction Oil & Gas, Inc. 5.625% 2/1/26 (a) 1,535,000 1,488,950 
Forum Energy Technologies, Inc. 6.25% 10/1/21 1,525,000 1,517,375 
FTS International, Inc. 6.25% 5/1/22 680,000 684,250 
Hess Infrastructure Partners LP 5.625% 2/15/26 (a) 1,005,000 1,015,050 
Hilcorp Energy I LP/Hilcorp Finance Co.:   
5% 12/1/24 (a) 1,930,000 1,876,925 
5.75% 10/1/25 (a) 1,470,000 1,455,300 
Indigo Natural Resources LLC 6.875% 2/15/26 (a) 875,000 840,000 
Jonah Energy LLC 7.25% 10/15/25 (a) 1,075,000 860,000 
Nabors Industries, Inc.:   
5.5% 1/15/23 1,297,000 1,270,373 
5.75% 2/1/25 (a) 2,045,000 1,937,638 
Newfield Exploration Co. 5.375% 1/1/26 505,000 523,306 
NextEra Energy Partners LP:   
4.25% 9/15/24 (a) 1,880,000 1,814,200 
4.5% 9/15/27 (a) 365,000 340,363 
NGL Energy Partners LP/NGL Energy Finance Corp. 6.125% 3/1/25 350,000 333,375 
NGPL PipeCo LLC:   
4.375% 8/15/22 (a) 200,000 199,000 
4.875% 8/15/27 (a) 200,000 194,438 
Noble Holding International Ltd.:   
5.25% 3/15/42 765,000 504,900 
7.7% 4/1/25 (b) 1,125,000 1,006,875 
7.75% 1/15/24 1,731,000 1,622,813 
7.875% 2/1/26 (a) 745,000 750,588 
Parsley Energy LLC/Parsley:   
5.25% 8/15/25 (a) 265,000 264,338 
5.375% 1/15/25 (a) 460,000 461,150 
PBF Logistics LP/PBF Logistics Finance, Inc.:   
6.875% 5/15/23 (a) 1,200,000 1,212,000 
6.875% 5/15/23 1,650,000 1,666,500 
Precision Drilling Corp.:   
5.25% 11/15/24 510,000 480,522 
6.5% 12/15/21 331,000 337,620 
7.125% 1/15/26 (a) 635,000 641,350 
7.75% 12/15/23 750,000 780,938 
Range Resources Corp.:   
4.875% 5/15/25 2,100,000 1,943,813 
5% 3/15/23 3,845,000 3,698,890 
Sanchez Energy Corp. 7.25% 2/15/23 (a) 2,370,000 2,393,700 
SemGroup Corp. 7.25% 3/15/26 735,000 729,488 
Southwestern Energy Co.:   
4.1% 3/15/22 600,000 582,000 
7.75% 10/1/27 1,350,000 1,390,500 
Summit Midstream Holdings LLC 5.75% 4/15/25 1,285,000 1,225,864 
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:   
5% 1/15/28 (a) 2,020,000 1,868,500 
5.125% 2/1/25 470,000 455,900 
5.25% 5/1/23 265,000 264,338 
5.375% 2/1/27 470,000 451,200 
5.875% 4/15/26 (a) 2,075,000 2,064,625 
6.75% 3/15/24 2,005,000 2,095,225 
TerraForm Power Operating LLC:   
4.25% 1/31/23 (a) 405,000 386,775 
5% 1/31/28 (a) 405,000 379,181 
The Williams Companies, Inc. 3.7% 1/15/23 1,440,000 1,392,768 
U.S.A. Compression Partners LP / 6.875% 4/1/26 (a) 260,000 265,200 
Weatherford International Ltd.:   
5.95% 4/15/42 253,000 183,425 
6.5% 8/1/36 935,000 710,600 
7% 3/15/38 560,000 439,600 
9.875% 2/15/24 525,000 507,938 
Weatherford International, Inc. 9.875% 3/1/25 (a) 2,845,000 2,716,975 
Whiting Petroleum Corp.:   
5.75% 3/15/21 1,455,000 1,489,556 
6.625% 1/15/26 (a) 1,100,000 1,127,500 
  124,542,675 
Entertainment/Film - 0.3%   
New Cotai LLC/New Cotai Capital Corp. 10.625% 5/1/19 pay-in-kind (a)(b) 1,787,323 1,769,450 
Environmental - 0.4%   
LBC Tank Terminals Holding Netherlands BV 6.875% 5/15/23 (a) 2,683,000 2,736,660 
Food & Drug Retail - 0.3%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC 5.75% 3/15/25 1,120,000 975,800 
Albertsons, Inc.:   
6.625% 6/1/28 275,000 211,063 
7.75% 6/15/26 85,000 74,588 
8% 5/1/31 484,000 402,930 
Tops Holding LLC/Tops Markets II Corp. 8% 6/15/22 (a)(d) 1,120,000 526,400 
  2,190,781 
Food/Beverage/Tobacco - 1.4%   
C&S Group Enterprises LLC 5.375% 7/15/22 (a) 1,845,000 1,743,525 
Lamb Weston Holdings, Inc.:   
4.625% 11/1/24 (a) 1,525,000 1,511,656 
4.875% 11/1/26 (a) 610,000 604,663 
Post Holdings, Inc.:   
5% 8/15/26 (a) 1,280,000 1,200,000 
5.625% 1/15/28 (a) 1,265,000 1,208,075 
5.75% 3/1/27 (a) 1,070,000 1,044,427 
Vector Group Ltd. 6.125% 2/1/25 (a) 2,960,000 2,936,675 
  10,249,021 
Gaming - 2.7%   
CRC Escrow Issuer LLC/CRC Finance LLC 5.25% 10/15/25 (a) 2,885,000 2,755,175 
MCE Finance Ltd. 4.875% 6/6/25 (a) 315,000 294,204 
MGM Growth Properties Operating Partnership LP:   
4.5% 9/1/26 4,385,000 4,139,922 
4.5% 1/15/28 1,460,000 1,343,200 
Scientific Games Corp.:   
5% 10/15/25 (a) 1,215,000 1,173,629 
6.625% 5/15/21 4,020,000 4,100,400 
Station Casinos LLC 5% 10/1/25 (a) 1,675,000 1,603,813 
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25% 5/15/27 (a) 1,905,000 1,843,659 
Wynn Macau Ltd.:   
4.875% 10/1/24 (a) 575,000 563,500 
5.5% 10/1/27 (a) 1,735,000 1,682,967 
  19,500,469 
Healthcare - 6.8%   
Catalent Pharma Solutions 4.875% 1/15/26 (a) 1,010,000 983,488 
Community Health Systems, Inc.:   
6.25% 3/31/23 930,000 845,719 
6.875% 2/1/22 3,405,000 1,864,238 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 1,750,000 1,728,125 
HCA Holdings, Inc.:   
4.5% 2/15/27 2,615,000 2,497,325 
5% 3/15/24 1,915,000 1,936,544 
5.25% 6/15/26 2,175,000 2,185,875 
HealthSouth Corp.:   
5.125% 3/15/23 1,535,000 1,558,025 
5.75% 9/15/25 1,265,000 1,293,463 
Hologic, Inc.:   
4.375% 10/15/25 (a) 1,415,000 1,361,938 
4.625% 2/1/28 (a) 265,000 253,075 
Kindred Healthcare, Inc.:   
8% 1/15/20 1,090,000 1,167,663 
8.75% 1/15/23 610,000 653,463 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 875,000 829,063 
5.25% 8/1/26 1,840,000 1,789,400 
6.375% 3/1/24 895,000 939,750 
Ortho-Clinical Diagnostics, Inc. 6.625% 5/15/22 (a) 1,650,000 1,633,500 
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 505,000 508,788 
5.5% 2/1/21 815,000 833,338 
Service Corp. International 4.625% 12/15/27 1,575,000 1,540,035 
SP Finco LLC 6.75% 7/1/25 (a) 675,000 637,875 
Teleflex, Inc.:   
4.625% 11/15/27 885,000 848,096 
4.875% 6/1/26 2,024,000 1,995,664 
Tenet Healthcare Corp.:   
4.375% 10/1/21 1,465,000 1,443,025 
4.625% 7/15/24 (a) 1,015,000 981,911 
6.75% 6/15/23 1,370,000 1,346,881 
THC Escrow Corp. III 5.125% 5/1/25 (a) 1,345,000 1,311,375 
Valeant Pharmaceuticals International, Inc.:   
5.5% 11/1/25 (a) 1,140,000 1,134,300 
5.625% 12/1/21 (a) 820,000 793,350 
5.875% 5/15/23 (a) 2,295,000 2,098,491 
6.125% 4/15/25 (a) 6,400,000 5,772,608 
6.5% 3/15/22 (a) 1,310,000 1,359,125 
9% 12/15/25 (a) 860,000 870,750 
Wellcare Health Plans, Inc. 5.25% 4/1/25 1,310,000 1,316,681 
  48,312,947 
Homebuilders/Real Estate - 1.9%   
Beazer Homes U.S.A., Inc. 5.875% 10/15/27 1,470,000 1,345,050 
Howard Hughes Corp. 5.375% 3/15/25 (a) 1,410,000 1,406,475 
Lennar Corp.:   
4.75% 11/29/27 (a) 1,040,000 980,200 
5% 6/15/27 (a) 1,520,000 1,466,800 
5.875% 11/15/24 (a) 640,000 660,800 
M.D.C. Holdings, Inc. 6% 1/15/43 505,000 469,650 
Pisces Midco, Inc. 8% 4/15/26 (a) 1,345,000 1,349,977 
PulteGroup, Inc. 5% 1/15/27 1,035,000 1,008,090 
Starwood Property Trust, Inc. 4.75% 3/15/25 (a) 750,000 721,875 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.25% 4/15/21 (a) 1,075,000 1,083,063 
5.875% 4/15/23 (a) 760,000 777,100 
TRI Pointe Homes, Inc. 5.25% 6/1/27 1,120,000 1,064,000 
William Lyon Homes, Inc. 7% 8/15/22 1,395,000 1,428,131 
  13,761,211 
Hotels - 0.7%   
Hilton Escrow Issuer LLC 4.25% 9/1/24 2,845,000 2,731,200 
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875% 4/1/27 585,000 567,450 
Wyndham Hotels & Resorts, Inc. 5.375% 4/15/26 (a) 1,835,000 1,853,350 
  5,152,000 
Insurance - 0.1%   
Acrisure LLC 7% 11/15/25 (a) 615,000 581,298 
Leisure - 0.5%   
NVA Holdings, Inc. 6.875% 4/1/26 (a) 390,000 392,925 
Studio City Co. Ltd.:   
5.875% 11/30/19 (a) 590,000 599,558 
7.25% 11/30/21 (a) 1,335,000 1,390,069 
Viking Cruises Ltd. 5.875% 9/15/27 (a) 1,355,000 1,307,575 
  3,690,127 
Metals/Mining - 3.4%   
ArcelorMittal SA 6.125% 6/1/25 715,000 773,988 
Constellium NV 5.875% 2/15/26 (a) 1,165,000 1,147,525 
First Quantum Minerals Ltd.:   
6.5% 3/1/24 (a) 1,250,000 1,187,500 
6.875% 3/1/26 (a) 1,275,000 1,211,250 
7% 2/15/21 (a) 1,485,000 1,493,353 
7.25% 5/15/22 (a) 809,000 814,016 
7.25% 4/1/23 (a) 3,585,000 3,575,321 
7.5% 4/1/25 (a) 1,315,000 1,300,272 
FMG Resources (August 2006) Pty Ltd.:   
4.75% 5/15/22 (a) 1,675,000 1,660,763 
5.125% 3/15/23 (a) 770,000 766,150 
5.125% 5/15/24 (a) 825,000 814,688 
Freeport-McMoRan, Inc.:   
3.55% 3/1/22 4,635,000 4,484,363 
3.875% 3/15/23 575,000 551,281 
4.55% 11/14/24 1,145,000 1,104,925 
Nufarm Australia Ltd. 5.75% 4/30/26 (a) 1,665,000 1,660,838 
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.5% 6/15/25 (a) 1,670,000 1,715,925 
  24,262,158 
Publishing/Printing - 0.6%   
MHGE Parent LLC/MHGE Parent Finance, Inc. 8.5% 8/1/19 pay-in-kind (a)(b) 2,365,000 2,365,000 
Multi-Color Corp. 4.875% 11/1/25 (a) 1,825,000 1,701,813 
  4,066,813 
Restaurants - 1.0%   
1011778 BC Unlimited Liability Co./New Red Finance, Inc.:   
4.25% 5/15/24 (a) 1,180,000 1,122,475 
5% 10/15/25 (a) 2,075,000 1,996,544 
Golden Nugget, Inc. 6.75% 10/15/24 (a) 3,065,000 3,110,975 
Yum! Brands, Inc. 5.35% 11/1/43 1,260,000 1,121,400 
  7,351,394 
Services - 3.6%   
APX Group, Inc.:   
6.375% 12/1/19 2,976,000 2,938,800 
7.625% 9/1/23 1,125,000 1,054,688 
8.75% 12/1/20 7,465,000 7,362,356 
Aramark Services, Inc.:   
4.75% 6/1/26 3,135,000 3,040,950 
5% 2/1/28 (a) 1,320,000 1,284,241 
Ashtead Capital, Inc.:   
4.125% 8/15/25 (a) 590,000 560,500 
4.375% 8/15/27 (a) 620,000 585,125 
Avantor, Inc.:   
6% 10/1/24 (a) 1,140,000 1,145,700 
9% 10/1/25 (a) 2,070,000 2,095,875 
Brand Energy & Infrastructure Services, Inc. 8.5% 7/15/25 (a) 1,525,000 1,572,656 
CDK Global, Inc. 4.875% 6/1/27 715,000 686,400 
Laureate Education, Inc. 8.25% 5/1/25 (a) 1,860,000 1,999,500 
Prime Security One MS, Inc. 4.875% 7/15/32 (a) 1,625,000 1,344,688 
  25,671,479 
Steel - 0.9%   
ArcelorMittal SA 7.25% 10/15/39 (b) 715,000 847,275 
Cliffs Natural Resources, Inc.:   
4.875% 1/15/24 (a) 1,575,000 1,535,625 
5.75% 3/1/25 1,860,000 1,793,747 
Commercial Metals Co. 5.375% 7/15/27 2,560,000 2,496,000 
  6,672,647 
Super Retail - 0.5%   
Netflix, Inc.:   
4.375% 11/15/26 2,245,000 2,103,228 
4.875% 4/15/28 (a) 1,825,000 1,724,625 
  3,827,853 
Technology - 3.6%   
Ceridian HCM Holding, Inc. 11% 3/15/21 (a) 175,000 180,250 
EMC Corp. 2.65% 6/1/20 2,465,000 2,401,553 
Gartner, Inc. 5.125% 4/1/25 (a) 525,000 526,155 
Micron Technology, Inc.:   
5.25% 1/15/24 (a) 1,045,000 1,087,323 
5.5% 2/1/25 735,000 764,400 
5.625% 1/15/26 (a) 1,140,000 1,225,158 
Nuance Communications, Inc. 5.375% 8/15/20 (a) 1,566,000 1,573,830 
NXP BV/NXP Funding LLC:   
3.875% 9/1/22 (a) 1,490,000 1,460,200 
4.125% 6/1/21 (a) 2,165,000 2,170,413 
Open Text Corp. 5.875% 6/1/26 (a) 4,285,000 4,455,115 
Qorvo, Inc. 6.75% 12/1/23 2,735,000 2,905,938 
Sensata Technologies BV 5% 10/1/25 (a) 3,030,000 3,022,425 
Sensata Technologies UK Financing Co. PLC 6.25% 2/15/26 (a) 465,000 483,414 
Solera LLC/Solera Finance, Inc. 10.5% 3/1/24 (a) 2,455,000 2,731,188 
Symantec Corp. 5% 4/15/25 (a) 295,000 296,200 
  25,283,562 
Telecommunications - 4.9%   
Altice Financing SA 6.625% 2/15/23 (a) 2,410,000 2,410,000 
Altice Finco SA 7.625% 2/15/25 (a) 1,945,000 1,852,613 
Frontier Communications Corp.:   
10.5% 9/15/22 1,470,000 1,293,159 
11% 9/15/25 2,460,000 1,888,050 
Level 3 Financing, Inc. 5.375% 5/1/25 975,000 960,083 
Qwest Corp. 6.75% 12/1/21 910,000 978,596 
Sable International Finance Ltd. 6.875% 8/1/22 (a) 1,950,000 2,049,938 
SBA Communications Corp. 4.875% 9/1/24 850,000 817,063 
SFR Group SA:   
6% 5/15/22 (a) 2,475,000 2,439,410 
6.25% 5/15/24 (a) 490,000 466,725 
Sprint Communications, Inc. 6% 11/15/22 2,300,000 2,348,875 
Sprint Corp.:   
7.25% 9/15/21 2,205,000 2,337,300 
7.875% 9/15/23 765,000 820,463 
T-Mobile U.S.A., Inc.:   
4% 4/15/22 1,955,000 1,953,778 
4.5% 2/1/26 1,525,000 1,467,813 
5.125% 4/15/25 1,505,000 1,516,288 
6.375% 3/1/25 1,140,000 1,197,000 
Telecom Italia Capital SA 6.375% 11/15/33 1,115,000 1,211,894 
U.S. West Communications 7.25% 9/15/25 1,005,000 1,080,228 
Wind Tre SpA 5% 1/20/26 (a) 2,710,000 2,274,774 
Zayo Group LLC/Zayo Capital, Inc.:   
5.75% 1/15/27 (a) 2,370,000 2,352,225 
6.375% 5/15/25 1,200,000 1,242,240 
  34,958,515 
Transportation Ex Air/Rail - 0.8%   
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc. 8.125% 11/15/21 (a) 4,950,000 4,009,500 
Navios Maritime Holdings, Inc.:   
7.375% 1/15/22 (a) 615,000 465,094 
11.25% 8/15/22 (a) 1,250,000 1,234,375 
  5,708,969 
Utilities - 5.8%   
Dolphin Subsidiary II, Inc. 7.25% 10/15/21 5,080,000 5,525,008 
DPL, Inc. 6.75% 10/1/19 563,000 579,890 
Dynegy, Inc.:   
5.875% 6/1/23 1,315,000 1,346,231 
7.625% 11/1/24 1,890,000 2,031,750 
8.125% 1/30/26 (a) 1,220,000 1,338,950 
Global Partners LP/GLP Finance Corp.:   
6.25% 7/15/22 3,400,000 3,400,000 
7% 6/15/23 4,325,000 4,368,250 
InterGen NV 7% 6/30/23 (a) 1,430,000 1,426,425 
NRG Energy, Inc.:   
5.75% 1/15/28 (a) 875,000 866,250 
6.25% 5/1/24 490,000 506,538 
6.625% 1/15/27 1,795,000 1,848,850 
NRG Yield Operating LLC 5% 9/15/26 905,000 880,113 
NSG Holdings II LLC/NSG Holdings, Inc. 7.75% 12/15/25 (a) 7,757,390 8,494,303 
The AES Corp.:   
4% 3/15/21 1,570,000 1,579,059 
4.5% 3/15/23 1,040,000 1,045,200 
4.875% 5/15/23 2,590,000 2,606,188 
5.125% 9/1/27 1,660,000 1,684,900 
6% 5/15/26 1,500,000 1,567,500 
  41,095,405 
TOTAL NONCONVERTIBLE BONDS  599,315,217 
TOTAL CORPORATE BONDS   
(Cost $607,044,750)  605,056,283 
 Shares Value 
Common Stocks - 0.1%   
Energy - 0.1%   
Forbes Energy Services Ltd. 47,062 390,615 
Telecommunications - 0.0%   
CUI Acquisition Corp. Class E (e)(f) 23,749 
TOTAL COMMON STOCKS   
(Cost $3,115,580)  414,364 
 Principal Amount Value 
Bank Loan Obligations - 8.3%   
Aerospace - 0.7%   
TransDigm, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.7887% 6/9/23 (b)(c) 5,060,441 5,080,582 
Air Transportation - 0.2%   
American Airlines, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.8969% 12/14/23 (b)(c) 1,668,150 1,669,334 
Cable/Satellite TV - 1.1%   
CSC Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.3969% 1/25/26 (b)(c) 245,000 245,000 
Numericable LLC Tranche B 12LN, term loan 3 month U.S. LIBOR + 3.000% 5.3477% 1/31/26 (b)(c) 1,328,325 1,307,364 
Unitymedia Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1469% 9/30/25 (b)(c) 1,645,000 1,642,121 
WideOpenWest Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.1455% 8/19/23 (b)(c) 2,203,925 2,124,033 
Zayo Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 1/19/21(b)(c) 737,550 740,213 
Ziggo Secured Finance Partnership Tranche E, term loan 3 month U.S. LIBOR + 2.500% 4.3969% 4/15/25 (b)(c) 1,750,000 1,741,075 
TOTAL CABLE/SATELLITE TV  7,799,806 
Chemicals - 0.1%   
Tronox Blocked Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 9/22/24 (b)(c) 91,979 92,913 
Tronox Finance LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 5.302% 9/22/24 (b)(c) 212,259 214,415 
TOTAL CHEMICALS  307,328 
Containers - 0.4%   
Crown Americas LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 4.3118% 1/29/25 (b)(c) 125,000 126,016 
Reynolds Group Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 2/5/23 (b)(c) 2,674,360 2,691,075 
TOTAL CONTAINERS  2,817,091 
Energy - 0.3%   
California Resources Corp. Tranche B, term loan 3 month U.S. LIBOR + 4.750% 6.6471% 12/31/22 (b)(c) 695,000 709,115 
Chesapeake Energy Corp. Tranche 1LN, term loan 3 month U.S. LIBOR + 7.500% 9.4436% 8/23/21 (b)(c) 1,160,000 1,226,700 
Forbes Energy Services LLC Tranche B, term loan 14% 4/13/21 (b)(f) 479,871 483,470 
TOTAL ENERGY  2,419,285 
Entertainment/Film - 0.2%   
AMC Entertainment, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1469% 12/15/22 (b)(c) 1,190,840 1,194,936 
Food & Drug Retail - 0.1%   
Albertson's LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9563% 6/22/23 (b)(c) 346,978 343,075 
Tops Markets LLC term loan:   
3 month U.S. LIBOR + 9.500% 11.4375% 2/23/19 (b)(c)(f) 220,760 220,760 
3 month U.S. LIBOR + 9.500% 11.4375% 2/23/19 (b)(c)(f) 220,760 220,760 
TOTAL FOOD & DRUG RETAIL  784,595 
Food/Beverage/Tobacco - 0.2%   
Post Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.9% 5/24/24 (b)(c) 1,419,724 1,425,814 
Gaming - 0.7%   
CityCenter Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 4/18/24 (b)(c) 1,265,438 1,270,892 
Golden Entertainment, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 4.91% 10/20/24 (b)(c) 1,999,988 2,014,987 
3 month U.S. LIBOR + 7.000% 8.9% 10/20/25 (b)(c) 670,000 683,400 
Scientific Games Corp. Tranche B 5LN, term loan 3 month U.S. LIBOR + 2.750% 4.7264% 8/14/24 (b)(c) 668,650 672,515 
TOTAL GAMING  4,641,794 
Healthcare - 0.1%   
HCA Holdings, Inc. Tranche B 10LN, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/13/25 (b)(c) 880,000 888,923 
Hotels - 0.0%   
Wyndham Hotels & Resorts, Inc. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3/29/25 (c)(g) 195,000 196,439 
Leisure - 0.0%   
Delta 2 SARL Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.4008% 2/1/24 (b)(c) 235,000 234,633 
Publishing/Printing - 0.1%   
Springer Science+Business Media Deutschland GmbH Tranche B 13LN, term loan 3 month U.S. LIBOR + 3.500% 5.3295% 8/24/22 (b)(c) 867,951 869,305 
Services - 0.5%   
Almonde, Inc.:   
Tranche 2LN, term loan 3 month U.S. LIBOR + 7.250% 9.2342% 6/13/25 (b)(c) 85,000 83,959 
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.4842% 6/13/24 (b)(c) 388,050 387,654 
Aramark Services, Inc. Tranche B-1, term loan 3 month U.S. LIBOR + 2.000% 3.9008% 3/11/25 (b)(c) 583,538 587,185 
Brand Energy & Infrastructure Services, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.6107% 6/21/24 (b)(c) 2,198,388 2,218,459 
TOTAL SERVICES  3,277,257 
Technology - 1.7%   
Go Daddy Operating Co. LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1508% 2/15/24 (b)(c) 1,838,154 1,846,205 
Kronos, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 4.8796% 11/1/23 (b)(c) 2,806,703 2,830,448 
Landesk Group, Inc. term loan 3 month U.S. LIBOR + 9.000% 10.91% 1/20/25 (b)(c) 515,000 487,319 
Solera LLC Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 3/3/23 (b)(c) 432,786 434,193 
Syniverse Holdings, Inc.:   
Tranche B 2LN, term loan 3 month U.S. LIBOR + 9.000% 10.8952% 3/11/24 (b)(c) 650,000 656,773 
Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.8952% 3/9/23 (b)(c) 2,600,000 2,626,728 
Uber Technologies, Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.000% 5.9008% 7/13/23 (b)(c) 3,191,400 3,211,346 
TOTAL TECHNOLOGY  12,093,012 
Telecommunications - 1.7%   
Altice Financing SA Tranche B, term loan:   
3 month U.S. LIBOR + 2.750% 5.0977% 7/15/25 (b)(c) 663,300 656,150 
3 month U.S. LIBOR + 2.750% 5.0977% 1/31/26 (b)(c) 1,358,175 1,338,930 
Level 3 Financing, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 4.1483% 2/22/24 (b)(c) 1,570,000 1,576,547 
Radiate Holdco LLC Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.9008% 2/1/24 (b)(c) 2,079,000 2,055,944 
Sable International Finance Ltd. Tranche B 4LN, term loan 3 month U.S. LIBOR + 3.250% 5.1508% 2/2/26 (b)(c) 1,235,000 1,242,719 
Securus Technologies, Inc. Tranche B, term loan:   
3 month U.S. LIBOR + 4.500% 6.4008% 11/1/24 (b)(c) 2,209,463 2,237,081 
3 month U.S. LIBOR + 8.250% 10.1508% 11/1/25 (b)(c) 740,000 746,786 
SFR Group SA Tranche B 11LN, term loan 3 month U.S. LIBOR + 2.750% 4.6508% 7/31/25 (b)(c) 1,989,900 1,954,719 
TOTAL TELECOMMUNICATIONS  11,808,876 
Utilities - 0.2%   
The AES Corp. Tranche B, term loan 3 month U.S. LIBOR + 1.750% 5/31/22 (c)(g) 1,623,600 1,625,289 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $58,744,684)  59,134,299 
Preferred Securities - 3.2%   
Banks & Thrifts - 2.9%   
Bank of America Corp.:   
5.875%(b)(h) 1,305,000 1,313,161 
6.25% (b)(h) 1,600,000 1,683,489 
6.5% (b)(h) 635,000 674,002 
Barclays PLC 6.625% (b)(h) 2,935,000 3,022,349 
Citigroup, Inc.:   
5.875% (b)(h) 785,000 810,974 
5.95% (b)(h) 1,235,000 1,284,337 
5.95% (b)(h) 1,135,000 1,187,298 
Credit Agricole SA:   
6.625% (a)(b)(h) 4,015,000 4,139,092 
7.875% (a)(b)(h) 1,480,000 1,618,152 
Goldman Sachs Group, Inc. 5% (b)(h) 2,930,000 2,887,305 
Royal Bank of Scotland Group PLC:   
7.5% (b)(h) 925,000 977,514 
8.625% (b)(h) 1,415,000 1,560,038 
TOTAL BANKS & THRIFTS  21,157,711 
Energy - 0.3%   
Andeavor Logistics LP 6.875% (b)(h) 1,940,000 1,977,372 
TOTAL PREFERRED SECURITIES   
(Cost $22,215,938)  23,135,083 
 Shares Value 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund, 1.74% (i)   
(Cost $15,298,455) 15,295,681 15,298,740 
TOTAL INVESTMENT IN SECURITIES - 98.4%   
(Cost $706,419,407)  703,038,769 
NET OTHER ASSETS (LIABILITIES) - 1.6%  11,473,330 
NET ASSETS - 100%  $714,512,099 

Legend

 (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $339,357,139 or 47.5% of net assets.

 (b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (d) Non-income producing - Security is in default.

 (e) Non-income producing

 (f) Level 3 security

 (g) The coupon rate will be determined upon settlement of the loan after period end.

 (h) Security is perpetual in nature with no stated maturity date.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $131,106 
Total $131,106 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Energy $390,615 $390,615 $-- $-- 
Telecommunication Services 23,749 -- -- 23,749 
Corporate Bonds 605,056,283 -- 605,056,283 -- 
Bank Loan Obligations 59,134,299 -- 58,209,309 924,990 
Preferred Securities 23,135,083 -- 23,135,083 -- 
Money Market Funds 15,298,740 15,298,740 -- -- 
Total Investments in Securities: $703,038,769 $15,689,355 $686,400,675 $948,739 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 76.1% 
Canada 6.3% 
Luxembourg 3.6% 
Netherlands 3.0% 
United Kingdom 2.7% 
France 1.5% 
Cayman Islands 1.3% 
Ireland 1.2% 
Multi-National 1.2% 
Bermuda 1.1% 
Others (Individually Less Than 1%) 2.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $691,120,952) 
$687,740,029  
Fidelity Central Funds (cost $15,298,455) 15,298,740  
Total Investment in Securities (cost $706,419,407)  $703,038,769 
Cash  97,867 
Receivable for investments sold  4,428,605 
Receivable for fund shares sold  743,251 
Interest receivable  10,217,032 
Distributions receivable from Fidelity Central Funds  20,420 
Prepaid expenses  405 
Total assets  718,546,349 
Liabilities   
Payable for investments purchased $2,122,394  
Payable for fund shares redeemed 1,130,360  
Distributions payable 169,637  
Accrued management fee 332,267  
Distribution and service plan fees payable 112,509  
Other affiliated payables 128,154  
Other payables and accrued expenses 38,929  
Total liabilities  4,034,250 
Net Assets  $714,512,099 
Net Assets consist of:   
Paid in capital  $745,340,615 
Undistributed net investment income  4,162,228 
Accumulated undistributed net realized gain (loss) on investments  (31,610,106) 
Net unrealized appreciation (depreciation) on investments  (3,380,638) 
Net Assets  $714,512,099 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($174,598,544 ÷ 22,619,550 shares)  $7.72 
Maximum offering price per share (100/96.00 of $7.72)  $8.04 
Class M:   
Net Asset Value and redemption price per share ($55,277,156 ÷ 7,176,352 shares)  $7.70 
Maximum offering price per share (100/96.00 of $7.70)  $8.02 
Class C:   
Net Asset Value and offering price per share ($76,676,800 ÷ 9,963,931 shares)(a)  $7.70 
Class I:   
Net Asset Value, offering price and redemption price per share ($407,959,599 ÷ 52,757,456 shares)  $7.73 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2018 (Unaudited) 
Investment Income   
Dividends  $915,346 
Interest  21,322,417 
Income from Fidelity Central Funds  131,106 
Total income  22,368,869 
Expenses   
Management fee $2,081,299  
Transfer agent fees 658,728  
Distribution and service plan fees 712,233  
Accounting fees and expenses 141,197  
Custodian fees and expenses 9,478  
Independent trustees' fees and expenses 1,503  
Registration fees 35,449  
Audit 38,499  
Legal 1,410  
Miscellaneous 2,552  
Total expenses before reductions 3,682,348  
Expense reductions (4,735) 3,677,613 
Net investment income (loss)  18,691,256 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,350,906  
Total net realized gain (loss)  3,350,906 
Change in net unrealized appreciation (depreciation) on investment securities  (25,922,927) 
Net gain (loss)  (22,572,021) 
Net increase (decrease) in net assets resulting from operations  $(3,880,765) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2018 (Unaudited) Year ended October 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $18,691,256 $39,663,163 
Net realized gain (loss) 3,350,906 13,447,344 
Change in net unrealized appreciation (depreciation) (25,922,927) 7,855,486 
Net increase (decrease) in net assets resulting from operations (3,880,765) 60,965,993 
Distributions to shareholders from net investment income (20,436,187) (36,726,255) 
Share transactions - net increase (decrease) (40,739,487) (69,327,170) 
Redemption fees 9,915 78,490 
Total increase (decrease) in net assets (65,046,524) (45,008,942) 
Net Assets   
Beginning of period 779,558,623 824,567,565 
End of period $714,512,099 $779,558,623 
Other Information   
Undistributed net investment income end of period $4,162,228 $5,907,159 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor High Income Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $7.97 $7.73 $7.61 $8.33 $8.77 $8.73 
Income from Investment Operations       
Net investment income (loss)A .194 .399 .421 .430 .432 .473 
Net realized and unrealized gain (loss) (.232) .208 .089 (.523) (.058) .117 
Total from investment operations (.038) .607 .510 (.093) .374 .590 
Distributions from net investment income (.212) (.368) (.392) (.424) (.429) (.457) 
Distributions from net realized gain – – – (.204) (.386) (.094) 
Total distributions (.212) (.368) (.392) (.628) (.815) (.551) 
Redemption fees added to paid in capitalA B .001 .002 .001 .001 .001 
Net asset value, end of period $7.72 $7.97 $7.73 $7.61 $8.33 $8.77 
Total ReturnC,D,E (.48)% 8.02% 7.09% (1.13)% 4.51% 6.99% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.03%H 1.03% 1.04% 1.03% 1.03% 1.03% 
Expenses net of fee waivers, if any 1.03%H 1.03% 1.04% 1.03% 1.03% 1.03% 
Expenses net of all reductions 1.03%H 1.03% 1.04% 1.03% 1.03% 1.03% 
Net investment income (loss) 5.00%H 5.06% 5.68% 5.45% 5.09% 5.40% 
Supplemental Data       
Net assets, end of period (000 omitted) $174,599 $191,744 $223,620 $227,596 $243,987 $280,769 
Portfolio turnover rateI 60%H 63% 61% 60% 79% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $7.95 $7.71 $7.59 $8.31 $8.76 $8.72 
Income from Investment Operations       
Net investment income (loss)A .193 .395 .418 .428 .429 .469 
Net realized and unrealized gain (loss) (.232) .209 .089 (.524) (.067) .119 
Total from investment operations (.039) .604 .507 (.096) .362 .588 
Distributions from net investment income (.211) (.365) (.389) (.421) (.427) (.455) 
Distributions from net realized gain – – – (.204) (.386) (.094) 
Total distributions (.211) (.365) (.389) (.625) (.813) (.549) 
Redemption fees added to paid in capitalA B .001 .002 .001 .001 .001 
Net asset value, end of period $7.70 $7.95 $7.71 $7.59 $8.31 $8.76 
Total ReturnC,D,E (.49)% 8.00% 7.06% (1.16)% 4.38% 6.97% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.05%H 1.06% 1.06% 1.05% 1.05% 1.05% 
Expenses net of fee waivers, if any 1.05%H 1.05% 1.06% 1.05% 1.05% 1.05% 
Expenses net of all reductions 1.05%H 1.05% 1.06% 1.05% 1.05% 1.05% 
Net investment income (loss) 4.98%H 5.03% 5.65% 5.43% 5.07% 5.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $55,277 $61,488 $70,205 $79,379 $86,166 $90,901 
Portfolio turnover rateI 60%H 63% 61% 60% 79% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $7.95 $7.70 $7.59 $8.30 $8.75 $8.71 
Income from Investment Operations       
Net investment income (loss)A .164 .337 .363 .370 .365 .405 
Net realized and unrealized gain (loss) (.232) .219 .079 (.515) (.066) .119 
Total from investment operations (.068) .556 .442 (.145) .299 .524 
Distributions from net investment income (.182) (.307) (.334) (.362) (.364) (.391) 
Distributions from net realized gain – – – (.204) (.386) (.094) 
Total distributions (.182) (.307) (.334) (.566) (.750) (.485) 
Redemption fees added to paid in capitalA B .001 .002 .001 .001 .001 
Net asset value, end of period $7.70 $7.95 $7.70 $7.59 $8.30 $8.75 
Total ReturnC,D,E (.87)% 7.35% 6.14% (1.78)% 3.60% 6.20% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.80%H 1.79% 1.80% 1.80% 1.80% 1.79% 
Expenses net of fee waivers, if any 1.80%H 1.79% 1.80% 1.80% 1.80% 1.79% 
Expenses net of all reductions 1.80%H 1.79% 1.80% 1.80% 1.80% 1.79% 
Net investment income (loss) 4.22%H 4.29% 4.91% 4.68% 4.32% 4.64% 
Supplemental Data       
Net assets, end of period (000 omitted) $76,677 $88,686 $97,833 $94,752 $114,455 $126,952 
Portfolio turnover rateI 60%H 63% 61% 60% 79% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor High Income Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $7.99 $7.74 $7.62 $8.34 $8.79 $8.75 
Income from Investment Operations       
Net investment income (loss)A .203 .416 .438 .445 .447 .489 
Net realized and unrealized gain (loss) (.242) .219 .089 (.523) (.068) .116 
Total from investment operations (.039) .635 .527 (.078) .379 .605 
Distributions from net investment income (.221) (.386) (.409) (.439) (.444) (.472) 
Distributions from net realized gain – – – (.204) (.386) (.094) 
Total distributions (.221) (.386) (.409) (.643) (.830) (.566) 
Redemption fees added to paid in capitalA B .001 .002 .001 .001 .001 
Net asset value, end of period $7.73 $7.99 $7.74 $7.62 $8.34 $8.79 
Total ReturnC,D (.49)% 8.39% 7.31% (.94)% 4.57% 7.16% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .81%G .80% .82% .87% .87% .87% 
Expenses net of fee waivers, if any .81%G .80% .82% .85% .85% .85% 
Expenses net of all reductions .81%G .80% .82% .85% .85% .85% 
Net investment income (loss) 5.21%G 5.28% 5.89% 5.63% 5.27% 5.58% 
Supplemental Data       
Net assets, end of period (000 omitted) $407,960 $437,641 $432,910 $361,760 $337,377 $358,238 
Portfolio turnover rateH 60%G 63% 61% 60% 79% 76% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2018

1. Organization.

Fidelity Advisor High Income Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C and Class I shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2018 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount, capital loss carryforwards, defaulted bonds and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $16,073,072 
Gross unrealized depreciation (16,622,892) 
Net unrealized appreciation (depreciation) $(549,820) 
Tax cost $703,588,589 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(16,504,390) 
Long-term  (18,286,085) 
Total capital loss carryforward $(34,790,475) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $215,760,489 and $252,801,899, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .56% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $228,765 $6,976 
Class M -% .25% 73,436 941 
Class C .75% .25% 410,032 26,930 
   $712,233 $34,847 

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $23,686 
Class M 2,348 
Class C(a) 1,289 
 $27,323 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $140,723 .16 
Class M 50,060 .17 
Class C 69,483 .17 
Class I 398,462 .19 
 $658,728  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annualized rate of .04%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $596 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,086 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2,441.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,294.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2018 
Year ended
October 31, 2017 
From net investment income   
Class A $4,959,406 $9,515,108 
Class M 1,590,425 2,956,751 
Class C 1,913,192 3,737,500 
Class I 11,973,164 20,516,896 
Total $20,436,187 $36,726,255 

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2018 Year ended October 31, 2017 Six months ended April 30, 2018 Year ended October 31, 2017 
Class A     
Shares sold 1,668,221 4,274,945 $13,086,720 $33,549,610 
Reinvestment of distributions 560,419 1,068,579 4,390,414 8,416,417 
Shares redeemed (3,664,608) (10,231,300) (28,720,781) (80,486,859) 
Net increase (decrease) (1,435,968) (4,887,776) $(11,243,647) $(38,520,832) 
Class M     
Shares sold 432,973 898,800 $3,396,000 $7,023,251 
Reinvestment of distributions 188,965 338,516 1,477,268 2,663,455 
Shares redeemed (1,175,803) (2,612,833) (9,196,620) (20,330,619) 
Net increase (decrease) (553,865) (1,375,517) $(4,323,352) $(10,643,913) 
Class C     
Shares sold 320,406 1,327,140 $2,505,187 $10,364,683 
Reinvestment of distributions 227,924 432,438 1,780,432 3,399,020 
Shares redeemed (1,744,412) (3,300,673) (13,659,763) (25,902,554) 
Net increase (decrease) (1,196,082) (1,541,095) $(9,374,144) $(12,138,851) 
Class I     
Shares sold 9,259,600 19,143,899 $72,848,600 $151,063,114 
Reinvestment of distributions 1,473,264 2,509,674 11,561,860 19,816,828 
Shares redeemed (12,782,000) (22,778,405) (100,208,804) (178,903,516) 
Net increase (decrease) (2,049,136) (1,124,832) $(15,798,344) $(8,023,574) 

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2017 
Ending
Account Value
April 30, 2018 
Expenses Paid
During Period-B
November 1, 2017
to April 30, 2018 
Class A 1.03%    
Actual  $1,000.00 $995.20 $5.10 
Hypothetical-C  $1,000.00 $1,019.69 $5.16 
Class M 1.05%    
Actual  $1,000.00 $995.10 $5.19 
Hypothetical-C  $1,000.00 $1,019.59 $5.26 
Class C 1.80%    
Actual  $1,000.00 $991.30 $8.89 
Hypothetical-C  $1,000.00 $1,015.87 $9.00 
Class I .81%    
Actual  $1,000.00 $995.10 $4.01 
Hypothetical-C  $1,000.00 $1,020.78 $4.06 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AHI-SANN-0618
1.741814.118


Fidelity Advisor® Value Fund
Class A, Class M, Class C, Class I and Class Z



Semi-Annual Report

April 30, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2018

 % of fund's net assets 
Sempra Energy 1.4 
Discover Financial Services 1.3 
U.S. Bancorp 1.2 
Synchrony Financial 1.2 
Xcel Energy, Inc. 1.2 
American Tower Corp. 1.1 
PPL Corp. 1.1 
Wells Fargo & Co. 1.0 
Berkshire Hathaway, Inc. Class B 1.0 
NRG Energy, Inc. 1.0 
 11.5 

Top Five Market Sectors as of April 30, 2018

 % of fund's net assets 
Financials 17.7 
Consumer Discretionary 13.1 
Real Estate 11.5 
Industrials 10.7 
Energy 9.1 

Asset Allocation (% of fund's net assets)

As of April 30, 2018* 
   Stocks and Equity Futures 98.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.3% 


 * Foreign investments - 15.9%


Schedule of Investments April 30, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
CONSUMER DISCRETIONARY - 13.1%   
Auto Components - 0.8%   
Adient PLC 3,300 $202,257 
American Axle & Manufacturing Holdings, Inc. (a) 39,835 611,069 
  813,326 
Diversified Consumer Services - 0.7%   
Houghton Mifflin Harcourt Co. (a) 61,776 420,077 
ServiceMaster Global Holdings, Inc. (a) 5,478 277,187 
  697,264 
Hotels, Restaurants & Leisure - 2.2%   
DineEquity, Inc. 4,700 372,898 
Eldorado Resorts, Inc. (a) 20,058 812,349 
U.S. Foods Holding Corp. (a) 24,102 823,806 
Wyndham Worldwide Corp. 1,738 198,497 
  2,207,550 
Household Durables - 1.1%   
D.R. Horton, Inc. 18,380 811,293 
Tempur Sealy International, Inc. (a)(b) 7,400 331,150 
  1,142,443 
Internet & Direct Marketing Retail - 0.6%   
Liberty Interactive Corp. QVC Group Series A (a) 24,158 565,539 
Leisure Products - 0.8%   
Mattel, Inc. (b) 45,151 668,235 
Vista Outdoor, Inc. (a) 8,233 137,903 
  806,138 
Media - 4.3%   
Discovery Communications, Inc. Class A (a)(b) 12,200 288,530 
DISH Network Corp. Class A (a) 9,448 316,980 
Entercom Communications Corp. Class A 53,800 546,070 
GCI Liberty, Inc. (a) 7,916 353,054 
Grupo Televisa SA de CV (CPO) sponsored ADR 14,974 268,334 
Liberty Broadband Corp. Class C (a) 4,169 295,540 
Liberty Global PLC Class C (a) 13,384 389,474 
Nexstar Broadcasting Group, Inc. Class A 3,600 224,100 
Omnicom Group, Inc. 10,095 743,598 
Sinclair Broadcast Group, Inc. Class A 22,440 636,174 
Twenty-First Century Fox, Inc. Class A 8,987 328,565 
  4,390,419 
Specialty Retail - 2.6%   
Lowe's Companies, Inc. 8,206 676,421 
Michaels Companies, Inc. (a) 12,600 234,612 
O'Reilly Automotive, Inc. (a) 3,291 842,726 
Sally Beauty Holdings, Inc. (a) 22,000 380,380 
Signet Jewelers Ltd. 13,361 519,476 
  2,653,615 
TOTAL CONSUMER DISCRETIONARY  13,276,294 
CONSUMER STAPLES - 5.3%   
Beverages - 0.3%   
Cott Corp. 20,506 293,228 
Food & Staples Retailing - 0.6%   
CVS Health Corp. 8,105 565,972 
Food Products - 3.0%   
Darling International, Inc. (a) 33,314 571,002 
Greencore Group PLC 123,600 270,129 
Kellogg Co. 1,850 108,965 
Nomad Foods Ltd. (a) 25,023 412,629 
The Hershey Co. 757 69,599 
The J.M. Smucker Co. 5,801 661,778 
TreeHouse Foods, Inc. (a) 9,196 354,046 
Tyson Foods, Inc. Class A 8,832 619,123 
  3,067,271 
Household Products - 0.4%   
Spectrum Brands Holdings, Inc. 6,400 461,440 
Personal Products - 0.5%   
Coty, Inc. Class A 26,715 463,505 
Tobacco - 0.5%   
British American Tobacco PLC (United Kingdom) 9,000 493,628 
TOTAL CONSUMER STAPLES  5,345,044 
ENERGY - 9.1%   
Energy Equipment & Services - 1.6%   
Baker Hughes, a GE Co. Class A 24,321 878,231 
C&J Energy Services, Inc. (a) 3,357 100,240 
Dril-Quip, Inc. (a) 620 25,699 
Halliburton Co. 2,377 125,957 
Nabors Industries Ltd. 49,700 378,217 
TechnipFMC PLC 2,369 78,082 
  1,586,426 
Oil, Gas & Consumable Fuels - 7.5%   
Andeavor 3,481 481,492 
Boardwalk Pipeline Partners, LP 36,972 420,372 
Cenovus Energy, Inc. 41,569 416,354 
Cheniere Energy, Inc. (a) 8,155 474,295 
Concho Resources, Inc. (a) 1,816 285,493 
Diamondback Energy, Inc. (a) 2,377 305,326 
Encana Corp. 28,700 357,423 
Energen Corp. (a) 2,528 165,432 
Enterprise Products Partners LP 8,167 219,202 
EQT Corp. 11,354 569,857 
GasLog Ltd. 19,504 328,642 
Golar LNG Ltd. 9,600 308,640 
Lundin Petroleum AB 14,000 387,226 
Marathon Petroleum Corp. 7,277 545,120 
Newfield Exploration Co. (a) 4,244 126,471 
Phillips 66 Co. 3,488 388,249 
Plains GP Holdings LP Class A 10,800 261,576 
Teekay Corp. 37,800 333,396 
Teekay LNG Partners LP 30,500 556,625 
Teekay Offshore Partners LP 116,800 325,872 
WPX Energy, Inc. (a) 22,041 376,681 
  7,633,744 
TOTAL ENERGY  9,220,170 
FINANCIALS - 17.7%   
Banks - 4.6%   
Bank Ireland Group PLC 5,727 51,212 
CIT Group, Inc. 18,202 963,796 
EFG Eurobank Ergasias SA (a) 53,316 67,539 
First Citizen Bancshares, Inc. 529 228,681 
First Citizen Bancshares, Inc. Class A 908 392,519 
PNC Financial Services Group, Inc. 4,300 626,123 
Prosperity Bancshares, Inc. 1,260 90,430 
U.S. Bancorp 24,044 1,213,020 
Wells Fargo & Co. 20,178 1,048,449 
  4,681,769 
Capital Markets - 3.9%   
Ameriprise Financial, Inc. 1,800 252,378 
Apollo Global Management LLC Class A 27,557 794,744 
Ares Capital Corp. 7,230 115,969 
Ares Management LP 20,400 448,800 
Brookfield Asset Management, Inc. Class A 4,050 160,524 
Franklin Resources, Inc. 8,180 275,175 
KKR & Co. LP 7,474 156,506 
Legg Mason, Inc. 17,488 694,274 
State Street Corp. 3,300 329,274 
The Blackstone Group LP 17,589 544,380 
Tullett Prebon PLC 31,500 204,341 
  3,976,365 
Consumer Finance - 4.6%   
Ally Financial, Inc. 9,049 236,179 
Capital One Financial Corp. 9,230 836,423 
Discover Financial Services 18,470 1,315,988 
OneMain Holdings, Inc. (a) 17,116 528,029 
SLM Corp. (a) 41,700 478,716 
Synchrony Financial 36,178 1,200,024 
Trisura Group Ltd. 28 540 
  4,595,899 
Diversified Financial Services - 1.5%   
Berkshire Hathaway, Inc. Class B (a) 5,370 1,040,330 
Donnelley Financial Solutions, Inc. (a) 22,800 419,520 
  1,459,850 
Insurance - 3.1%   
AFLAC, Inc. 8,276 377,137 
AMBAC Financial Group, Inc. (a) 19,801 337,211 
American International Group, Inc. 6,950 389,200 
Chubb Ltd. 5,696 772,776 
FNF Group 11,000 405,130 
Greenlight Capital Re, Ltd. (a) 5,797 89,854 
Reinsurance Group of America, Inc. 2,507 374,546 
Torchmark Corp. 4,678 405,770 
  3,151,624 
TOTAL FINANCIALS  17,865,507 
HEALTH CARE - 6.2%   
Biotechnology - 1.0%   
Alexion Pharmaceuticals, Inc. (a) 1,300 152,919 
Amgen, Inc. 2,889 504,073 
United Therapeutics Corp. (a) 3,410 375,475 
  1,032,467 
Health Care Equipment & Supplies - 0.9%   
Dentsply Sirona, Inc. 1,860 93,632 
Teleflex, Inc. 500 133,940 
The Cooper Companies, Inc. 200 45,742 
Zimmer Biomet Holdings, Inc. 5,319 612,589 
  885,903 
Health Care Providers & Services - 2.0%   
Centene Corp. (a) 1,080 117,266 
Cigna Corp. 1,100 189,002 
DaVita HealthCare Partners, Inc. (a) 1,053 66,118 
McKesson Corp. 3,548 554,233 
Patterson Companies, Inc. 5,000 116,400 
Premier, Inc. (a) 9,400 310,106 
Quest Diagnostics, Inc. 1,818 183,982 
Universal Health Services, Inc. Class B 3,605 411,691 
  1,948,798 
Life Sciences Tools & Services - 0.2%   
Agilent Technologies, Inc. 2,100 138,054 
PerkinElmer, Inc. 930 68,225 
  206,279 
Pharmaceuticals - 2.1%   
Allergan PLC 2,200 338,030 
Indivior PLC (a) 51,200 319,377 
Jazz Pharmaceuticals PLC (a) 5,772 877,575 
Mallinckrodt PLC (a) 15,600 202,800 
Mylan NV (a) 4,530 175,583 
Perrigo Co. PLC 910 71,107 
The Medicines Company (a) 5,200 156,468 
  2,140,940 
TOTAL HEALTH CARE  6,214,387 
INDUSTRIALS - 10.7%   
Aerospace & Defense - 0.9%   
Aerojet Rocketdyne Holdings, Inc. (a) 10,884 304,099 
Huntington Ingalls Industries, Inc. 1,800 437,778 
Ultra Electronics Holdings PLC 8,000 155,071 
  896,948 
Air Freight & Logistics - 0.4%   
United Parcel Service, Inc. Class B 3,500 397,250 
Airlines - 1.4%   
American Airlines Group, Inc. 21,883 939,437 
JetBlue Airways Corp. (a) 26,128 501,396 
  1,440,833 
Commercial Services & Supplies - 0.5%   
The Brink's Co. 7,100 523,980 
Construction & Engineering - 1.4%   
AECOM (a) 26,783 922,407 
Arcadis NV 17,096 337,341 
Arcadis NV rights (a)(c) 15,796 8,965 
Astaldi SpA 41,738 118,749 
  1,387,462 
Electrical Equipment - 1.3%   
Acuity Brands, Inc. 2,500 299,425 
Hubbell, Inc. Class B 2,700 280,422 
Regal Beloit Corp. 5,966 424,779 
Sensata Technologies, Inc. PLC (a) 6,346 321,869 
  1,326,495 
Machinery - 1.0%   
Allison Transmission Holdings, Inc. 18,587 724,707 
SPX Corp. (a) 8,700 275,268 
  999,975 
Marine - 0.1%   
A.P. Moller - Maersk A/S Series B 38 61,320 
Seaspan Corp. (b) 4,325 33,259 
  94,579 
Professional Services - 0.4%   
Dun & Bradstreet Corp. 1,800 207,558 
Nielsen Holdings PLC 6,400 201,280 
  408,838 
Road & Rail - 0.6%   
Avis Budget Group, Inc. (a) 3,496 172,737 
CSX Corp. 4,795 284,775 
Norfolk Southern Corp. 866 124,245 
  581,757 
Trading Companies & Distributors - 2.4%   
AerCap Holdings NV (a) 8,061 420,220 
Ashtead Group PLC 13,228 370,229 
Fortress Transportation & Infrastructure Investors LLC 18,528 308,306 
HD Supply Holdings, Inc. (a) 22,532 872,214 
MRC Global, Inc. (a) 9,219 172,672 
Nexeo Solutions, Inc. (a) 12,100 123,299 
Nexeo Solutions, Inc. (a)(d) 14,400 146,736 
  2,413,676 
Transportation Infrastructure - 0.3%   
Macquarie Infrastructure Co. LLC 9,000 341,100 
TOTAL INDUSTRIALS  10,812,893 
INFORMATION TECHNOLOGY - 8.9%   
Communications Equipment - 1.0%   
CommScope Holding Co., Inc. (a) 14,861 567,987 
F5 Networks, Inc. (a) 3,061 499,218 
  1,067,205 
Electronic Equipment & Components - 1.0%   
Dell Technologies, Inc. (a) 4,000 287,080 
Jabil, Inc. 16,270 432,782 
TE Connectivity Ltd. 3,420 313,785 
  1,033,647 
IT Services - 5.0%   
Alliance Data Systems Corp. 1,100 223,355 
Amdocs Ltd. 10,798 726,166 
Booz Allen Hamilton Holding Corp. Class A 12,172 482,376 
Cognizant Technology Solutions Corp. Class A 7,251 593,277 
Conduent, Inc. (a) 38,166 742,710 
DXC Technology Co. 6,096 628,254 
First Data Corp. Class A (a) 36,451 659,763 
Leidos Holdings, Inc. 10,602 680,966 
Unisys Corp. (a) 27,148 304,058 
  5,040,925 
Semiconductors & Semiconductor Equipment - 1.1%   
Analog Devices, Inc. 5,992 523,401 
Qualcomm, Inc. 11,519 587,584 
  1,110,985 
Software - 0.8%   
Micro Focus International PLC 31,100 536,261 
Totvs SA 26,800 244,805 
  781,066 
TOTAL INFORMATION TECHNOLOGY  9,033,828 
MATERIALS - 7.8%   
Chemicals - 4.7%   
Axalta Coating Systems Ltd. (a) 17,035 526,382 
Celanese Corp. Class A 2,071 225,056 
CF Industries Holdings, Inc. 11,410 442,708 
DowDuPont, Inc. 7,026 444,324 
Eastman Chemical Co. 4,419 451,092 
FMC Corp. 1,768 140,963 
LyondellBasell Industries NV Class A 5,911 624,970 
Nutrien Ltd. 7,500 341,427 
Olin Corp. 4,200 126,798 
Orion Engineered Carbons SA 10,800 289,440 
The Chemours Co. LLC 9,856 477,129 
Tronox Ltd. Class A 13,800 237,084 
Westlake Chemical Corp. 4,162 445,209 
  4,772,582 
Construction Materials - 0.6%   
Eagle Materials, Inc. 6,123 605,932 
Containers & Packaging - 1.8%   
Avery Dennison Corp. 1,628 170,631 
Ball Corp. 4,973 199,368 
Berry Global Group, Inc. (a) 5,749 316,195 
Crown Holdings, Inc. (a) 5,900 294,056 
Graphic Packaging Holding Co. 31,423 449,349 
Silgan Holdings, Inc. 14,555 408,559 
  1,838,158 
Metals & Mining - 0.7%   
Antofagasta PLC 5,672 75,931 
Constellium NV (a) 16,400 186,140 
Randgold Resources Ltd. sponsored ADR 1,693 137,302 
Steel Dynamics, Inc. 5,991 268,457 
  667,830 
TOTAL MATERIALS  7,884,502 
REAL ESTATE - 11.5%   
Equity Real Estate Investment Trusts (REITs) - 10.6%   
American Tower Corp. 8,199 1,118,016 
AvalonBay Communities, Inc. 2,080 339,040 
Boston Properties, Inc. 2,440 296,240 
Colony NorthStar, Inc. 93,886 573,643 
Corporate Office Properties Trust (SBI) 7,800 214,578 
Douglas Emmett, Inc. 12,643 471,205 
Equinix, Inc. 1,375 578,586 
Equity Commonwealth (a) 860 26,651 
Equity Lifestyle Properties, Inc. 9,582 854,331 
Equity Residential (SBI) 5,790 357,301 
Essex Property Trust, Inc. 2,857 684,794 
Extra Space Storage, Inc. 5,795 519,174 
Forest City Realty Trust, Inc. Class A 12,940 259,576 
Grivalia Properties REIC 48,042 529,102 
iStar Financial, Inc. (a) 30,295 307,191 
National Retail Properties, Inc. 13,673 520,121 
NorthStar Realty Europe Corp. 2,324 33,698 
Outfront Media, Inc. 20,891 391,706 
Public Storage 2,260 456,023 
SBA Communications Corp. Class A (a) 156 24,996 
Simon Property Group, Inc. 480 75,043 
SL Green Realty Corp. 5,200 508,248 
Spirit Realty Capital, Inc. 43,700 351,785 
Taubman Centers, Inc. 7,200 403,056 
VEREIT, Inc. 68,120 463,216 
Washington Prime Group, Inc. 26,220 169,643 
Welltower, Inc. 2,840 151,770 
  10,678,733 
Real Estate Management & Development - 0.9%   
CBRE Group, Inc. (a) 13,308 602,985 
Howard Hughes Corp. (a) 2,400 324,720 
  927,705 
TOTAL REAL ESTATE  11,606,438 
TELECOMMUNICATION SERVICES - 0.1%   
Diversified Telecommunication Services - 0.1%   
CenturyLink, Inc. 7,732 143,661 
UTILITIES - 7.9%   
Electric Utilities - 4.5%   
Eversource Energy 4,660 280,765 
Exelon Corp. 22,816 905,339 
NextEra Energy, Inc. 1,918 314,379 
PG&E Corp. 3,440 158,584 
PPL Corp. 36,810 1,071,171 
Vistra Energy Corp. (a) 19,400 443,290 
Westar Energy, Inc. 4,340 235,141 
Xcel Energy, Inc. 25,526 1,195,638 
  4,604,307 
Independent Power and Renewable Electricity Producers - 1.8%   
NRG Energy, Inc. 31,740 983,940 
The AES Corp. 68,313 836,151 
  1,820,091 
Multi-Utilities - 1.6%   
CMS Energy Corp. 3,687 173,990 
Sempra Energy 12,674 1,416,955 
  1,590,945 
TOTAL UTILITIES  8,015,343 
TOTAL COMMON STOCKS   
(Cost $88,244,817)  99,418,067 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 1.79% 7/19/18 (e)   
(Cost $49,804) 50,000 49,808 
 Shares Value 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund, 1.74% (f) 1,592,390 $1,592,708 
Fidelity Securities Lending Cash Central Fund 1.74% (f)(g) 927,596 927,688 
TOTAL MONEY MARKET FUNDS   
(Cost $2,520,339)  2,520,396 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $90,814,960)  101,988,271 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (875,759) 
NET ASSETS - 100%  $101,112,512 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P MidCap 400 Index Contracts (United States) June 2018 $374,420 $(8,387) $(8,387) 

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $219,650.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $146,736 or 0.1% of net assets.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $49,808.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Nexeo Solutions, Inc. 6/9/16 $144,000 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $9,023 
Fidelity Securities Lending Cash Central Fund 2,727 
Total $11,750 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $13,276,294 $13,276,294 $-- $-- 
Consumer Staples 5,345,044 4,851,416 493,628 -- 
Energy 9,220,170 9,220,170 -- -- 
Financials 17,865,507 17,865,507 -- -- 
Health Care 6,214,387 6,214,387 -- -- 
Industrials 10,812,893 10,812,893 -- -- 
Information Technology 9,033,828 8,497,567 536,261 -- 
Materials 7,884,502 7,884,502 -- -- 
Real Estate 11,606,438 11,606,438 -- -- 
Telecommunication Services 143,661 143,661 -- -- 
Utilities 8,015,343 8,015,343 -- -- 
U.S. Government and Government Agency Obligations 49,808 -- 49,808 -- 
Money Market Funds 2,520,396 2,520,396 -- -- 
Total Investments in Securities: $101,988,271 $100,908,574 $1,079,697 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(8,387) $(8,387) $-- $-- 
Total Liabilities $(8,387) $(8,387) $-- $-- 
Total Derivative Instruments: $(8,387) $(8,387) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2018. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(8,387) 
Total Equity Risk (8,387) 
Total Value of Derivatives $0 $(8,387) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 84.1% 
United Kingdom 2.9% 
Bermuda 2.0% 
Ireland 2.0% 
Netherlands 1.8% 
Canada 1.5% 
Marshall Islands 1.1% 
Switzerland 1.0% 
Others (Individually Less Than 1%) 3.6% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $922,967) — See accompanying schedule:
Unaffiliated issuers (cost $88,294,621) 
$99,467,875  
Fidelity Central Funds (cost $2,520,339) 2,520,396  
Total Investment in Securities (cost $90,814,960)  $101,988,271 
Cash  109,984 
Receivable for investments sold  1,165,732 
Receivable for fund shares sold  54,320 
Dividends receivable  80,199 
Distributions receivable from Fidelity Central Funds  2,401 
Prepaid expenses  57 
Other receivables  4,308 
Total assets  103,405,272 
Liabilities   
Payable for investments purchased   
Regular delivery $956,534  
Delayed delivery 8,965  
Payable for fund shares redeemed 264,726  
Accrued management fee 30,673  
Distribution and service plan fees payable 31,852  
Payable for daily variation margin on futures contracts 4,685  
Other affiliated payables 22,146  
Other payables and accrued expenses 45,653  
Collateral on securities loaned 927,526  
Total liabilities  2,292,760 
Net Assets  $101,112,512 
Net Assets consist of:   
Paid in capital  $85,699,185 
Undistributed net investment income  163,042 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  4,085,764 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  11,164,521 
Net Assets  $101,112,512 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($53,441,306 ÷ 2,162,849 shares)  $24.71 
Maximum offering price per share (100/94.25 of $24.71)  $26.22 
Class M:   
Net Asset Value and redemption price per share ($17,258,221 ÷ 704,840 shares)  $24.49 
Maximum offering price per share (100/96.50 of $24.49)  $25.38 
Class C:   
Net Asset Value and offering price per share ($15,959,337 ÷ 679,093 shares)(a)  $23.50 
Class I:   
Net Asset Value, offering price and redemption price per share ($14,037,338 ÷ 562,591 shares)  $24.95 
Class Z:   
Net Asset Value, offering price and redemption price per share ($416,310 ÷ 16,690 shares)  $24.94 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2018 (Unaudited) 
Investment Income   
Dividends  $893,544 
Interest  9,199 
Income from Fidelity Central Funds  11,750 
Total income  914,493 
Expenses   
Management fee   
Basic fee $293,673  
Performance adjustment (58,842)  
Transfer agent fees 119,350  
Distribution and service plan fees 206,160  
Accounting and security lending fees 21,161  
Custodian fees and expenses 27,799  
Independent trustees' fees and expenses 219  
Registration fees 56,941  
Audit 31,316  
Legal 4,709  
Miscellaneous 366  
Total expenses before reductions 702,852  
Expense reductions (7,688) 695,164 
Net investment income (loss)  219,329 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 4,672,912  
Fidelity Central Funds 215  
Foreign currency transactions (755)  
Futures contracts 61,757  
Total net realized gain (loss)  4,734,129 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (4,190,855)  
Fidelity Central Funds (154)  
Assets and liabilities in foreign currencies (22)  
Futures contracts (16,657)  
Total change in net unrealized appreciation (depreciation)  (4,207,688) 
Net gain (loss)  526,441 
Net increase (decrease) in net assets resulting from operations  $745,770 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2018 (Unaudited) Year ended October 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $219,329 $917,383 
Net realized gain (loss) 4,734,129 6,382,558 
Change in net unrealized appreciation (depreciation) (4,207,688) 12,182,715 
Net increase (decrease) in net assets resulting from operations 745,770 19,482,656 
Distributions to shareholders from net investment income (764,131) (582,647) 
Distributions to shareholders from net realized gain (2,630,366) (29,178) 
Total distributions (3,394,497) (611,825) 
Share transactions - net increase (decrease) (10,501,534) (8,709,189) 
Total increase (decrease) in net assets (13,150,261) 10,161,642 
Net Assets   
Beginning of period 114,262,773 104,101,131 
End of period $101,112,512 $114,262,773 
Other Information   
Undistributed net investment income end of period $163,042 $707,844 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Advisor Value Fund Class A

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.37 $21.43 $21.39 $21.48 $18.90 $14.08 
Income from Investment Operations       
Net investment income (loss)A .07 .23B .22 .12 .09 .11 
Net realized and unrealized gain (loss) .10 3.86 .30 (.14)C 2.58 4.82 
Total from investment operations .17 4.09 .52 (.02) 2.67 4.93 
Distributions from net investment income (.22) (.14) (.11) (.05) (.04) (.11) 
Distributions from net realized gain (.61) (.01) (.37) (.02) (.04) – 
Total distributions (.83) (.15) (.48) (.07) (.09)D (.11) 
Net asset value, end of period $24.71 $25.37 $21.43 $21.39 $21.48 $18.90 
Total ReturnE,F,G .60% 19.12% 2.53% (.12)%C 14.15% 35.30% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.16%J 1.14% 1.19% 1.31% 1.29% 1.31% 
Expenses net of fee waivers, if any 1.16%J 1.12% 1.19% 1.25% 1.25% 1.25% 
Expenses net of all reductions 1.15%J 1.12% 1.18% 1.24% 1.25% 1.23% 
Net investment income (loss) .54%J .95%B 1.06% .53% .42% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $53,441 $59,658 $54,196 $50,858 $45,759 $38,397 
Portfolio turnover rateK 76%J 81% 77% 82% 78% 103% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .68%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.17)%.

 D Total distributions of $.09 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.044 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Value Fund Class M

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.10 $21.22 $21.17 $21.27 $18.72 $13.95 
Income from Investment Operations       
Net investment income (loss)A .03 .16B .16 .06 .03 .07 
Net realized and unrealized gain (loss) .11 3.82 .31 (.15)C 2.56 4.78 
Total from investment operations .14 3.98 .47 (.09) 2.59 4.85 
Distributions from net investment income (.14) (.09) (.05) – – (.08) 
Distributions from net realized gain (.61) (.01) (.37) (.01) (.04) – 
Total distributions (.75) (.10) (.42) (.01) (.04) (.08) 
Net asset value, end of period $24.49 $25.10 $21.22 $21.17 $21.27 $18.72 
Total ReturnD,E,F .49% 18.78% 2.28% (.43)%C 13.88% 34.94% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.43%I 1.40% 1.47% 1.58% 1.57% 1.58% 
Expenses net of fee waivers, if any 1.42%I 1.39% 1.46% 1.50% 1.50% 1.50% 
Expenses net of all reductions 1.41%I 1.38% 1.46% 1.49% 1.50% 1.48% 
Net investment income (loss) .27%I .68%B .78% .28% .17% .44% 
Supplemental Data       
Net assets, end of period (000 omitted) $17,258 $18,962 $18,098 $17,300 $18,558 $17,319 
Portfolio turnover rateJ 76%I 81% 77% 82% 78% 103% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .41%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.48)%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Value Fund Class C

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $24.02 $20.32 $20.35 $20.54 $18.13 $13.51 
Income from Investment Operations       
Net investment income (loss)A (.03) .03B .05 (.05) (.07) (.01) 
Net realized and unrealized gain (loss) .08 3.67 .29 (.13)C 2.48 4.64 
Total from investment operations .05 3.70 .34 (.18) 2.41 4.63 
Distributions from net investment income – – – – – (.01) 
Distributions from net realized gain (.57) – (.37) (.01) – – 
Total distributions (.57) – (.37) (.01) – (.01) 
Net asset value, end of period $23.50 $24.02 $20.32 $20.35 $20.54 $18.13 
Total ReturnD,E,F .16% 18.21% 1.72% (.89)%C 13.29% 34.32% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.97%I 1.94% 1.98% 2.09% 2.06% 2.08% 
Expenses net of fee waivers, if any 1.97%I 1.92% 1.97% 2.00% 2.00% 2.00% 
Expenses net of all reductions 1.96%I 1.92% 1.97% 1.99% 2.00% 1.98% 
Net investment income (loss) (.27)%I .15%B .27% (.22)% (.33)% (.06)% 
Supplemental Data       
Net assets, end of period (000 omitted) $15,959 $20,555 $15,589 $16,670 $17,390 $14,354 
Portfolio turnover rateJ 76%I 81% 77% 82% 78% 103% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.12)%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been (.94)%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Value Fund Class I

 Six months ended (Unaudited) April 30, Years endedOctober 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $25.65 $21.65 $21.60 $21.70 $19.09 $14.22 
Income from Investment Operations       
Net investment income (loss)A .11 .30B .28 .17 .14 .16 
Net realized and unrealized gain (loss) .09 3.91 .31 (.14)C 2.60 4.86 
Total from investment operations .20 4.21 .59 .03 2.74 5.02 
Distributions from net investment income (.29) (.20) (.17) (.11) (.09) (.15) 
Distributions from net realized gain (.61) (.01) (.37) (.02) (.04) – 
Total distributions (.90) (.21) (.54) (.13) (.13) (.15) 
Net asset value, end of period $24.95 $25.65 $21.65 $21.60 $21.70 $19.09 
Total ReturnD,E .72% 19.54% 2.82% .13%C 14.46% 35.65% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .85%H .84% .89% 1.00% .97% .96% 
Expenses net of fee waivers, if any .85%H .82% .89% 1.00% .97% .96% 
Expenses net of all reductions .84%H .82% .89% .99% .97% .94% 
Net investment income (loss) .84%H 1.25%B 1.36% .78% .69% .98% 
Supplemental Data       
Net assets, end of period (000 omitted) $14,037 $14,565 $16,218 $10,391 $10,011 $6,405 
Portfolio turnover rateI 76%H 81% 77% 82% 78% 103% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .08%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Advisor Value Fund Class Z

 Six months ended (Unaudited) April 30, Years endedOctober 31, 
 2018 2017 A 
Selected Per–Share Data   
Net asset value, beginning of period $25.67 $23.57 
Income from Investment Operations   
Net investment income (loss)B .12 .23C 
Net realized and unrealized gain (loss) .09 1.87 
Total from investment operations .21 2.10 
Distributions from net investment income (.33) – 
Distributions from net realized gain (.61) – 
Total distributions (.94) – 
Net asset value, end of period $24.94 $25.67 
Total ReturnD,E .77% 8.91% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .74%H .72%H 
Expenses net of fee waivers, if any .74%H .72%H 
Expenses net of all reductions .73%H .71%H 
Net investment income (loss) .96%H 1.24%C,H 
Supplemental Data   
Net assets, end of period (000 omitted) $416 $524 
Portfolio turnover rateI 76%H 81% 

 A For the period February 1, 2017 (commencement of sale of shares) to October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .97%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2018

1. Organization.

Fidelity Advisor Value Fund (the Fund) is a fund of Fidelity Advisor Series I (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs)and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $16,546,147 
Gross unrealized depreciation (5,934,947) 
Net unrealized appreciation (depreciation) $10,611,200 
Tax cost $91,368,684 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $40,827,399 and $52,469,545, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Class I of the Fund as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .43% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $71,744 $1,784 
Class M .25% .25% 45,712 601 
Class C .75% .25% 88,704 6,880 
   $206,160 $9,265 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $9,862 
Class M 1,934 
Class C(a) 651 
 $12,447 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $62,023 .22 
Class M 21,093 .23 
Class C 24,427 .28 
Class I 11,709 .16 
Class Z 98 .05 
 $119,350  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions. For the period, the fees were equivalent to an annualized rate of .04%.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,345 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $159 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $2,727, including $27 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $7,128 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $560.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2018 
Year ended
October 31, 2017 
From net investment income   
Class A $493,434 $349,954 
Class M 97,429 78,611 
Class I 166,173 154,082 
Class Z 7,095 – 
Total $764,131 $582,647 
From net realized gain   
Class A $1,399,969 $17,751 
Class M 439,912 6,114 
Class C 426,703 – 
Class I 350,746 5,313 
Class Z 13,036 – 
Total $2,630,366 $29,178 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2018 Year ended October 31, 2017(a) Six months ended April 30, 2018 Year ended October 31, 2017(a) 
Class A     
Shares sold 149,544 765,473 $3,779,457 $18,343,045 
Reinvestment of distributions 74,582 15,497 1,872,755 360,454 
Shares redeemed (412,540) (958,773) (10,432,091) (23,014,248) 
Net increase (decrease) (188,414) (177,803) $(4,779,879) $(4,310,749) 
Class M     
Shares sold 31,742 119,030 $791,931 $2,790,662 
Reinvestment of distributions 21,382 3,578 532,637 82,555 
Shares redeemed (103,612) (220,310) (2,585,726) (5,274,080) 
Net increase (decrease) (50,488) (97,702) $(1,261,158) $(2,400,863) 
Class C     
Shares sold 29,241 348,523 $706,819 $7,912,553 
Reinvestment of distributions 17,484 – 418,910 – 
Shares redeemed (223,466) (259,820) (5,358,521) (5,896,612) 
Net increase (decrease) (176,741) 88,703 $(4,232,792) $2,015,941 
Class I     
Shares sold 70,543 323,944 $1,808,531 $7,840,510 
Reinvestment of distributions 18,244 5,728 462,124 134,330 
Shares redeemed (94,087) (510,727) (2,401,052) (12,490,419) 
Net increase (decrease) (5,300) (181,055) $(130,397) $(4,515,579) 
Class Z     
Shares sold 7,429 20,406 $191,185 $502,183 
Reinvestment of distributions 795 – 20,131 – 
Shares redeemed (11,935) (5) (308,624) (122) 
Net increase (decrease) (3,711) 20,401 $(97,308) $502,061 

 (a) Share transactions for Class Z are for the period February 1, 2017 (commencement of sale of shares) to October 31, 2017.


12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2017 to April 30, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2017 
Ending
Account Value
April 30, 2018 
Expenses Paid
During Period-B
November 1, 2017
to April 30, 2018 
Class A 1.16%    
Actual  $1,000.00 $1,006.00 $5.77 
Hypothetical-C  $1,000.00 $1,019.04 $5.81 
Class M 1.42%    
Actual  $1,000.00 $1,004.90 $7.06 
Hypothetical-C  $1,000.00 $1,017.75 $7.10 
Class C 1.97%    
Actual  $1,000.00 $1,001.60 $9.78 
Hypothetical-C  $1,000.00 $1,015.03 $9.84 
Class I .85%    
Actual  $1,000.00 $1,007.20 $4.23 
Hypothetical-C  $1,000.00 $1,020.58 $4.26 
Class Z .74%    
Actual  $1,000.00 $1,007.70 $3.68 
Hypothetical-C  $1,000.00 $1,021.12 $3.71 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

FAV-SANN-0618
1.800650.114


Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series Is Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series Is (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable



assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Advisor Series I



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 27, 2018


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

June 27, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

June 27, 2018

 






EX-99.CERT 2 ex99.htm EX99.HTM Converted by EDGARwiz

                                                      Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

 June 27, 2018

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer





I, Howard J. Galligan III, certify that:

1.

I have reviewed this report on Form N-CSR of Fidelity Advisor Series I;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

June 27, 2018

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer







EX-99.906 CERT 3 ex99_906.htm EX99_906.HTM Converted by EDGARwiz

Exhibit EX-99.906CERT



Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)


In connection with the attached Report of Fidelity Advisor Series I (the Trust) on Form N-CSR to be filed with the Securities and Exchange Commission (the Report), each of the undersigned officers of the Trust does hereby certify that, to the best of such officers knowledge:


1.

The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.


Dated:

June 27, 2018



/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer



 

Dated:

June 27, 2018



/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer




A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.



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